The India Infrastructure Fund of IDFC Alternatives is buying three solar projects in Punjab and Rajasthan from Punj Lloyd Infrastructure as part of the parent’s plans to establish a presence in the renewable energy space through acquisitions.
The deal on the three solar projects with a total capacity of 45 MW was signed on 22 October, 2016. This is IDFC’s second investment in the renewable energy space, having acquired a 25 MW wind power plant from Jindal Steel & Power Ltd for an undisclosed valuation.
The company wants to put together a renewable energy portfolio in 12 to 18 months through acquisitions with a capacity of 500 to 1,000 MW. It envisages assets with capacity of 250 MW in six months based on solar, wind and hydro energy.