Private equity-backed Green Infra has acquired a majority stake in TVS Energy, a move that would help the company increase its operating capacity to 377 MW.
Neither the financial details of the transaction, nor the quantum of stake, were immediately disclosed.
Incubated by IDFC, Green Infra is a renewables-focused independent power producer, while TVS Energy is a subsidiary of Chennai-based TVS Motors.
Through this acquisition, Green Infra has added 59.75 MW of windfarms across Tamil Nadu and Maharashtra to its overall portfolio. It will continue to supply power to the TVS Group, the company said in a statement.
The renewables-focused power producer is also on track to reach 500 MW by March 2014.
“We remain bullish on the future of renewable energy in the country and are aggressively investing in expanding our footprint,” said Shiv Nimbargi, Managing Director and Chief Executive Officer at Green Infra.