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In continuation of the interest of private equity players in the renewable energy space, particularly solar power, India Infrastructure Fund II has entered into definitive agreements with First Solar Power India Pvt Ltd to acquire seven operating solar projects totalling 190 MW. The deal size was not disclosed, but was estimated at ₹1,920 crore ($300 million).
The seven projects are in Andhra Pradesh and Telangana and all of them use First Solar’s advanced Cadmium Telluride-based thin film modules. They sell electricity to State utilities, under long-term power purchase agreements. Recently, Warburg Pincus had invested about ₹650 crore ($100 million) in CleanMax Solar, a leading rooftop solar developer for the corporate sector. India Infrastructure Fund II hopes to have an installed base of 400-450 MW of operating renewable energy assets by this fiscal year-end.
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