Vector Green and Evergreen Power In MoU For Wind Power Projects

By Saur News Bureau/ Updated On Tue, Nov 9th, 2021

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.

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 USA and India. 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.

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 the state of Gujarat. With this partnership, Vector 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.

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Evergreen Power has recently been awarded PPAs under the auction conducted by SECI 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 to beyond this initial wind capacity.

Recently, Vector Green was in the news for a Rs 1100 crore that was disbursed to it by IREDA (Indian Renewable Energy and Development Agency) in a record time of 45 days.