Vector Green Energy Private Limited and Evergreen Power Mauritius Private Limited have signed an MoU to develop 300 MW of greenfield wind power projects in India. Both companies intend to benefit from each other’s experience in order to construct profitable wind generating projects.
Vector Green is a renewables-focused independent power producer (IPP) that is completely owned by Global Infrastructure Partners India LLP’s funds. Evergreen Power is a development-focused renewable energy platform based in Illinois, the US, that is involved in the development, construction, and management of renewable energy projects such as wind, solar, hybrid, and battery storage. It has projects in the US and India. Evergreen Power was recently awarded power purchase agreements (PPAs) in a SECI auction and is currently creating a pipeline of another 250 MW of projects. These projects will be taken over and implemented by Vector Green in accordance with the PPA and other bid documents, subject to the terms of the MoU and the definitive documents.
In October 2021, The Indian Renewable Energy Development Agency disbursed a loan of Rs 11 billion to Vector Green Energy.