Vector Green Energy (Vector Green) and Evergreen Power Mauritius (Evergreen Power) have entered a memorandum of understanding (MoU) to develop around 300 MW wind power projects in India through greenfield development.
Vector Green is a renewables focused Independent Power Producer (IPP), wholly-owned by funds managed by Global Infrastructure Partners India.
Evergreen Power is a development centric renewable energy platform, headquartered in Illinois, US, involved in developing, constructing and managing renewable, including wind, solar, hybrid and battery storage projects.
With this partnership, Vector Green intends to expand its wind footprint capitalising on the re-emerging wind opportunity. It will invest in these wind power developments subject to customary due diligence and agreed milestones.
Vector Green has 650 MW operating renewable capacity of which currently 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 the Solar Energy Corporation of India (SECI) and is also developing a pipeline of another 250 MW.
Subject to the provisions of the MoU and 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 companies 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.