IDFC Alternatives to buy three solar projects from Punj Lloyd
IDFC Alternatives, the asset management arm of infrastructure-focused lender IDFC Ltd, is buying three solar projects in Punjab and Rajasthan from engineering and construction company Punj Lloyd, adding to the slew of renewable energy investments its holds on its platform.
Aditya Aggarwal, Partner, Infrastructure, at IDFC Alternatives said that the fund is under active discussions with various developers who are looking at monetising their operational wind or solar projects and are also engaging with various international utilities to explore institutional partnerships.
While we have consciously stayed away from renewables over the past few years, the enthusiasm generated by the government’s vision and tariffs approaching grid parity in recent times give much more comfort around long term sustainability of these projects, he added.
“We would like to pace our investments in a more disciplined and diversified manner. We are not competing with the bigger players in the sector who are focused on high risk high return green-field development,” he added.
The fund is looking to add 250 to 500MW in 12 to 18 months through acquisitions, he added.The Economic Times citing three people in the know reported that the deal is pegged at Rs 100 crore. Aggarwal declined to comment on the deal value.