IDFC Alternatives set to buy 190MW of First Solar’s India assets


The seven projects being purchased by India Infrastructure Fund II (IDFC) are located in the southern states of Andhra Pradesh and Telangana. Credit: First Solar

The Indian arm of US-based PV developer and thin-film specialist First Solar has agreed to sell 190MW(AC) out of 200MW(AC) of its operational PV plants in India to a private equity fund represented by Indian firm IDFC Alternatives, according to a First Solar spokesperson.

The seven projects being purchased by India Infrastructure Fund II – subject to customary regulatory approvals – are located in the southern states of Andhra Pradesh and Telangana.

The First Solar spokesperson was unable to provide details of the cost of the transaction, although other news reports suggest it will be around US$300 million.

In its financial results last week, First Solar had noted: “In terms of international projects, our guidance also assumes we sell a small number of our Japan projects and some India projects in the second half of the year.”

Currently, there are 1.5GW of projects using First Solar’s CdTe thin-film modules in India. The firm is also in the process of developing another 60MW(AC) of its own projects in the country.

Aditya Aggarwal, IDFC Alternatives Partner, said: “We are pleased at the prospect of adding First Solar’s operating solar projects to India Infrastructure Fund II’s renewable energy platform Vector Green Energy Private Limited. Consistent with its stated strategy of aggregating operating renewable assets, IIF II is well on its way to achieving an installed base of 400–450MW of operating renewable assets by the end of the current financial year.”

Sujoy Ghosh, First Solar’s India head, added: “This is an important milestone for our company’s development activities in India. We are able to demonstrate the ability to recycle capital, by creating a portfolio of de-risked assets that demonstrate predictable and reliable cash flows, and thereby create value for sophisticated financial investors like IDFC Alternatives.”

This article has been updated to include quotes from an IDFC Alternatives press release.

6 June 2023
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