Vector Green raises INR 14 billion for operating solar assets

The Mumbai-based renewable power producer has raised the long-term, non-recourse debt from the Indian Renewable Energy Development Agency Ltd (IREDA). It shall use the amount to finance its operating solar projects in Punjab, Andhra Pradesh, and Telangana.

October 5, 2021 Uma Gupta

The debt has been rated in the AA category.

Image: Charles W Thurston

Vector Green Energy, a Mumbai-based renewable power producer, has announced it has raised INR 14 billion of loan from the Indian Renewable Energy Development Agency Ltd (IREDA) to fund its operating solar projects.

Vector Green Energy currently owns 652 MWp of operating renewable energy capacity (628 MW solar and 24 MW wind) across 19 projects in 12 states of India. It shall use the amount, raised as long-term non-recourse debt, for its operating solar projects in Punjab, Andhra Pradesh, and Telangana.

“The debt has been raised under a unique financing structure with attractive terms and has been rated in the AA category,” stated the company.

With this, Vector Green’s entire operating portfolio is now rated either AAA or AA on a non-recourse basis, a unique feat amongst independent renewable power producers in India.

Vector Green is a wholly-owned subsidiary of India Infrastructure Fund II (IIF II)–a SEBI registered Category-I Alternative Investment Fund. IIF II is managed by Global Infrastructure Partners India LLP–the Indian afﬁliate of Global Infrastructure Partners (GIP), one of the world’s largest infrastructure investors managing over US$ 74 billion of assets.

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.