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IDFC Alternatives buys 3 Punj Lloyd solar projects

Rooftop SPV Power Plant at Post Graduate Govt College for Girls in Sector 42 of Chandigarh on Friday, August 22 2014. Express Photo by Kamleshwar Singh

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.

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