Vector Green along with Evergreen Power will develop around 300 MW of wind power projects in India. Both the entities have inked an MoU (memorandum of understanding) in this regard.
“Vector Green Energy Pvt Ltd (Vector Green) and Evergreen Power Mauritius Pvt Ltd (Evergreen Power) have entered into a MoU to develop around 300 MW of wind power projects in India through greenfield development,” a company statement said. Vector Green is a renewables focused Independent Power Producer (IPP), wholly-owned by funds managed by Global Infrastructure Partners India LLP.
Evergreen Power is a development centric renewable energy platform, headquartered in Illinois, USA, involved in developing, constructing and managing renewable, including wind, solar, hybrid and battery storage projects. It has its project footprint in the USA and India. With this partnership, Vector Green intends to significantly expand its wind footprint capitalising on the re-emerging wind opportunity. Vector Green shall invest in these wind power developments subject to customary due diligence and agreed milestones.
Vector Green has 650 MW of operating renewable capacity of which currently only 23 MW is wind, and is developing an additional 90MWp of solar in Gujarat. Evergreen Power has recently been awarded PPAs under the auction conducted by SECI (Solar Energy Corporation of India) and is also developing a pipeline of another 250MW. Subject to the provisions of the MoU and the definitive documents, these projects will be taken over and implemented by Vector Green in accordance with provisions of the PPA and other bid documents.
The parties also agreed to explore expansion of the partnership beyond this initial wind capacity. This is a synergistic partnership between Vector Green and Evergreen and both parties expect to draw upon each other’s expertise to profitably develop wind power projects, the statement said.