Vector Green Purchases Rattan’s Solar Assets and Joins the Renewable Energy Big League
- Vector green has officially joined the big energy league. The company has acquired 275 MW of solar assets from Rattan. Vector green is owned by the Global infrastructure Partnership of the United States. GIP operates Vena Energy with a portfolio of 11 gigawatts in Asia. The company is using Vector Green to build its Indian portfolio.
Vector Green first acquired 150MW of assets but it has now spread across other areas such as Madhya Pradesh, Maharashtra, Punjab, Telangana, and Andhra Pradesh. The firm has bought many other portfolios including first solar, Punj Llyd 40 MW, and Madhya Pradesh 225 MW.
In the Rattan deal, it acquired 100 sites of rooftops with a capacity of 9MW and utility-scale projects of about 20-60 MW. It has other new projects in Maharashtra, Uttar, Pradesh, and Rajasthan. The company has a utility project located in various solar parks such as Pavagadh and Bhadla. Notice that after acquiring the 275 MW project, the firm expanded its portfolio to 0.5 gigawatts thus catapulting it to the big league of renewable resources.
The signing of the deal means that Rattan India has exited the renewable space and will focus its attention on the 5400 thermal projects in Maharashtra, Nasik, and Amravati. In 2017, Rattan raised about $90million from GE Energy to invest in renewable energy. The firms’ activities are backed by GIP, GE investors as well as FDI.
On its part, GIP partnership and interest in renewables are led by Agarwal Aditya while Vector Green’s activities are marshaled by Sameer Mathur who serves as its chief operating officer.
