IDFC Alternatives buys IL&FS’s Madhya Pradesh solar project

IDFC Alternatives, the private equity arm of IDFC Ltd, has bought a 40 megawatt (MW) solar power project in Madhya Pradesh operated by IL&FS Energy, two people aware of the matter said. Vector Green Energy, a company formed by IDFC Alternatives’ India Infrastructure Fund II to house its renewable energy investments, made the acquisition, the people mentioned above said on condition of anonymity. Aditya Aggarwal, partner, IDFC Alternatives, confirmed the transaction.

“Consistent with our stated strategy of aggregating operating renewable assets, we are continuing to target high-quality cash generating and operating renewable assets, with the aim of expanding to 500-600 MW of operating capacity by the end of 2018,” Aggarwal said. The deal size could not be ascertained.

The project, named Malwa Solar Power Generation Ltd, was awarded to IL&FS Energy Development Co. Ltd by Solar Energy Corp. of India as part of the Jawaharlal Nehru National Solar Mission (JNNSM) and was commissioned in 2015.

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