Press Releases

Mumbai; January 19, 2018

Vector Green managed by IDFC Alternatives completes refinancing of two solar projects in Telangana

Download PDF

Mumbai, Friday, January 19, 2018:  Vector Green Energy, a portfolio company of India Infrastructure Fund II managed by IDFC Alternatives, announced the first set of closing and financing of two solar farms in Telangana state. This is a part of its acquisition of projects aggregating 223 MWp from First Solar. Along with the acquisition, the SPVs have also raised long term non-recourse financing from IndusInd Bank and L&T Infra Debt Fund to refinance the existing project lenders. IIB and L&T Finance have together sanctioned more than Rs 1000 cr to Vector Green towards the acquisition of First Solar portfolio.

Vector Green is currently progressing on acquiring another ~240 MWp of operating capacity from different owners. The binding agreements for these capacities have already been executed and IIF II expects to complete the respective acquisitions by March 2018. Once completed, Vector Green's operating base would expand to 350 MWp. The capacities being aggregated are being managed by a 15 member central management team at Vector Green's Mumbai office.

Mr. Aditya Aggarwal, Partner, IDFC Alternatives leading the renewable initiative said "We are delighted at the prospect of adding the First Solar set of projects and diversifying our lender base. Consistent with our stated strategy of aggregating operating renewable assets, we are continuing to target high quality cash generating and operating renewable assets, with the aim of expanding to 500-600 MW of operating capacity by the end of 2018. In line with this expansion IIF II will ramp-up the central management team strength of Vector Green to 25-30 people this year."

About IDFC Alternatives
IDFC Alternatives is one of India's largest alternatives fund manager with AUM of USD 3.4 billion. It was founded in 2002. IDFC Alternatives manages 9 India dedicated funds across 3 asset classes: Private Equity, Infrastructure and Real Estate with a dedicated and experienced team of [34] investment professionals. IDFC Alternatives is a wholly owned subsidiary of IDFC Limited. For more information about IDFC Alternatives, please visit

About Vector Green
India Infrastructure Fund II has established Vector Green Energy Private Limited ("Vector Green") as the operating cum holding company for its control investments in the renewable energy space. IIF II plans to aggregate controlling stakes in operating capacities under Vector Green's experienced technical team.

 For more information log on to

For media queries, contact:
Piyali Reddy
Senior Vice President
Corporate Communications

Dibyajyoti Chatterjee
Adfactors PR
Ph. No: +91 9769702670


Minister of Rural Development

"I think over a period of time this India Rural Development Report should be the same importance in policy and scholarly debate as the World Bank’s World Developmental Report or the UNDP’s Human Development Report or the Center for Science and Environment’s State of India’s Environment Report."
"What are the forces of change.what is happening in rural society. this is very, very important for us to understand and that objective has been admirably fulfilled in this report.Ritu and her colleagues have put together all the evidence which shows in a very robust manner, the changing nature of rural [livelihoods].everyone must read the Rural Dynamics chapter"


Member, Planning Commission

"I must congratulate IDFC Foundation for bringing out the first rate Report. . is a landmark contribution to scholarship in rural India .. really an outstanding Report..."


Executive Chairman,

"It has been really a labour of love and tremendous effort and has been really a unique enterprise both in process and scope"