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<p><a href="https://www.vector-green.com/" target="_blank" rel="noopener noreferrer">Vector Green Energy Private Limited</a>, an independent power producer (IPP) which operates wind and solar projects, has acquired 225 MW (AC) solar generation capacity from <a href="http://www.rattanindia.com/businesses/" target="_blank" rel="noopener noreferrer">RattanIndia</a>, according to a source.</p>
<p>The acquirer is a wholly-owned subsidiary of India Infrastructure Fund – II (IIF II), which is managed by Global Infrastructure Partners India LLP, an affiliate of Global Infrastructure Partners (<a href="http://global-infra.com/index.php" target="_blank" rel="noopener noreferrer">GIP</a>). It owns 275 MW of solar projects across the country.</p>
<p>The deal amount was not disclosed. This acquisition will nearly double its solar portfolio in the country to 500 MW.</p>
<p>According to <a href="https://mercomindia.com/product/india-solar-project-tracker/" target="_blank" rel="noopener noreferrer">Mercom India Solar Project Tracker</a>, the projects acquired by Vector Green are located in the following states &#8211;</p>
<ul>
<li>Maharashtra (44 MW)</li>
<li>Uttar Pradesh (52 MW)</li>
<li>Rajasthan (70 MW)</li>
<li>Karnataka (50 MW)</li>
<li>Also includes few small-scale projects including 100 rooftop sites totaling 9 MW</li>
</ul>
<p>Last year, the company completed the <a href="https://mercomindia.com/vector-green-refinancing-telangana/" target="_blank" rel="noopener noreferrer">refinancing</a> of two solar projects with 223 MW of combined capacity in Telangana.</p>
<p>The company’s previous solar project acquisitions include a 45 MW project <a href="https://mercomindia.com/idfc-alternatives-inks-rs-3-5-billion-deal-acquire-45-mw-solar-projects-punj-lloyd/" target="_blank" rel="noopener noreferrer">acquired</a> from Punj Lloyd, 40 MW project <a href="https://mercomindia.com/idfc-grid-connected-solar-mp/" target="_blank" rel="noopener noreferrer">from</a> IL&amp;FS Energy and a 190 MW <a href="https://mercomindia.com/first-solar-divest-operating-solar-projects-india-planned-190-mw-project-sale/" target="_blank" rel="noopener noreferrer">from</a> First Solar.</p>
<p>With this acquisition, Vector Green Energy joins a long line of companies bringing in foreign direct investment into the Indian renewable sector. India’s renewable industry attracted <a href="https://mercomindia.com/india-renewable-attracted-fdi-2018-19/" target="_blank" rel="noopener noreferrer">FDI</a> worth $1.4 Billion in 2018-19.</p>
<p>Recently, Mercom <a href="https://mercomindia.com/adani-green-acquire-solar-essel/" target="_blank" rel="noopener noreferrer">reported</a> that Singapore-based renewable company Sembcorp Industries (Sembcorp) has announced that it will acquire the remaining 5.95% stake in its Indian arm, Sembcorp Energy Ltd. (SEIL) for ₹4,060 million (~$56.9 million).</p>
<p>Last year, Investment fund Global Infrastructure Partners (<a href="http://global-infra.com/" target="_blank" rel="noopener noreferrer">GIP</a>) <a href="https://mercomindia.com/gip-acquires-equis-energy/" target="_blank" rel="noopener noreferrer">closed</a> on a deal to acquire a 100 percent stake in renewable energy project developer <a href="http://equisenergy.com/" target="_blank" rel="noopener noreferrer">Equis Energy</a>. The total transaction value of $5 billion includes the assumption of $1.3 billion in Equis Energy debt.</p>
<p>According to <a href="https://mercomcapital.com/product/9m-and-q3-2019-solar-funding-and-ma-report/" target="_blank" rel="noopener noreferrer">Mercom Capital Group&#8217;s 9M and Q3 2019 Global Solar Funding and M&amp;A Report</a>, project acquisition activity was <a href="https://mercomcapital.com/product/9m-and-q3-2019-solar-funding-and-ma-report/" target="_blank" rel="noopener noreferrer">lower</a> in 9M 2019, with 15.9 GW of solar projects acquired, compared to 23.6 GW acquired in the same period last year. In Q3 2019, a total of 34 projects for a combined 4.3 GW were acquired. Project developers were the major acquirers of solar assets accounting for about 2.2 GW of acquisitions in Q3 2019. Investment firms and funds picked up 739 MW of projects, and utilities and independent power producers (IPPs) acquired 536 MW of projects.</p>
<p>Image credit: Vector Green</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/nithin-thomas-prasad/" class="vcard author" rel="author"><span class="fn">Nithin Thomas</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Nithin-2-1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Nithin Thomas,</strong> Staff reporter at Mercom India<br />
<a href="https://www.mercomindia.com/author/nithin-thomas-prasad/" target="_blank" rel="noopener">More articles from Nithin Thomas.</a></p>
</div>
<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Nithin-2-1.jpg" width="102" height="102" /><a href="https://www.mercomindia.com/author/nithin-thomas-prasad/" rel="noopener">Nithin Thomas</a> is a staff reporter at Mercom India. Previously with Reuters News, he has covered oil, metals and agricultural commodity markets across global markets. He has also covered refinery and pipeline explosions, oil and gas leaks, Atlantic region hurricane developments, and other natural disasters. Nithin holds a Masters Degree in Applied Economics from Christ University, Bangalore and a Bachelor&#8217;s Degree in Commerce from Loyola College, Chennai.<a href="https://www.mercomindia.com/author/nithin-thomas-prasad/" rel="noopener">More articles from Nithin Thomas Prasad</a></div>
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Vector Green Energy Acquires RattanIndia’s Solar Portfolio

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