Vector Green, Evergreen Power Ink MoU to Set up 300MW Wind Projects in India

Independent Power Producer (IPP) Vector Green Energy has entered into a Memorandum of Understanding (MoU) with Evergreen Power Mauritius to develop around 300 MW of wind power projects in India through greenfield development.

Vector Green has been wholly owned by funds managed by Global Infrastructure Partners India LLP.

Illinois- headquartered Evergreen Power has been involved in developing, constructing and managing renewable, including wind, solar, hybrid and battery storage projects. It has its project footprint in USA and India.

The company said that this is a synergistic partnership between the two companies and both parties expect to draw upon each other’s expertise to profitably develop wind power projects.

Vector Green has 650 MW of operating renewable energy capacity of which currently only 23 MW is wind, and is developing an additional 90MWp of solar in the state of Gujarat.

With this partnership, the company has intended to significantly expand its wind footprint capitalising on the re-emerging wind opportunity. It would invest in these wind power developments subject to customary due diligence and agreed milestones.

On the other hand, Evergreen Power has recently been awarded power purchase agreements (PPAs) under the auction conducted by SECI and is also developing a pipeline of another 250 MW. 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.

Meanwhile, both the parties also agreed to explore the expansion of the partnership beyond this initial wind capacity.