Vector Green and Evergreen Power to jointly develop 300MW wind project in India
Vector Green and Evergreen together form a synergistic partnership that will help utilizing each other’s expertise to develop wind power projects more profitably.
Vector Green and Evergreen Power have signed a memorandum of understanding (MoU) to jointly develop 300 MW of wind power projects in India.
“Vector Green Energy Pvt Ltd (Vector Green) and Evergreen Power Mauritius Pvt Ltd (Evergreen Power) have signed an MoU for the development of around 300 MW of wind power projects in India through greenfield development, as stated in a company statement.
Vector Green is an Independent Power Producer (IPP) that is focused on renewable energy. A fund managed by Global Infrastructure Partners India LLP owns the company in its entirety.
Evergreen Power is a USA-based renewable energy development company, which develops, builds, and manages projects including wind, solar, hybrid, and battery storage. Most of the company’s projects are in the United States and India.
As a result of the partnership, Vector Green will leverage the re-emerging wind opportunity and significantly expand its wind footprint. Vector Green will invest in these wind power developments following the usual due diligence process and after meeting specified milestones.
Currently, Vector Green has 650 MW of operating renewable capacity, of which 23 MW is wind and 90 MWp of solar are in development in Gujarat.
In addition to securing PPAs under the SECI (Solar Energy Corporation of India) auction, Evergreen Power is developing plans for another 250MW of capacity.
Based on the MoU and the definitive documents, Vector Green will take over and carry out the projects in accordance with the PPA and other bid documents. Also, the parties agreed to explore opportunities for expansion of the partnership beyond the initial wind capacity.
Vector Green and Evergreen are a synergistic partnership that will utilize each other’s expertise to develop wind power projects more profitably, the statement said.
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