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 — as much as 1,000 megawatts in a year or so.
The deal on the three solar projects with a total capacity of 45 megawatts was signed on Saturday evening, said people with knowledge of the matter. IDFC paid about Rs 100 crore to wholly acquire the three projects from the Punj Lloyd unit, they said. Aditya Aggarwal, partner, infrastructure, IDFC Alternatives, confirmed the deal but declined to disclose the price. 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 in October.