Seven projects, of 200 MW each, located\u00a0in Telangana and Andhra Pradesh, are to be acquired by\u00a0IDFC from\u00a0First Solar\u2019s India portfolio for 300 million dollars. First Solar is an\u00a0American photovoltaic (PV) manufacturer of solar panels and also provides utility-scale PV power plants based in Arizona. It provides services for support like\u00a0finance, construction, maintenance and end-of-life panel recycling. It has supplied\u00a0over 1gigawatt (GW) worth of panels in India itself. The current market capital is\u00a0$5.1 billion. The first acquisition to be carried out by First Solar is\u00a0owned by IDFC\u2019s infrastructure fund called Vector Green, which in the past has acquired a\u00a024 MW wind asset from Naveen Jindal\u2019s Jindal Steel and Power in addition to a 40 MW solar project from Punj Lloyd.<\/p>\n
IDFC’s infrastructure has raised approx. 2 billion dollars across two of its funds- one in 2008-2009 while the other in 2014. With this, it became the only company to raise a second India\u00a0dedicated follow-on infrastructure fund in the country. In the current fiscal year, 2017,\u00a0India added 5,526MW of new solar capacity (up 83 per cent from the previous year) and 5,400MW of new wind capacity which is up 63 per cent (according to consultancy Bridge Io India).<\/p>\n