Vector Green Energy has completed the refinancing of two solar projects with 223 MW of combined capacity in India. The refinancing was initially sought after the company acquired the projects from First Solar late last year. Along with the acquisition, the special purpose vehicles have also raised long term non-recourse financing from IndusInd Bank (IIB) and L&T Infra Debt Fund to refinance the existing project lenders. IIB and L&T Finance have together sanctioned more than $156 million to Vector Green toward the acquisition of the First Solar portfolio.
In July 2017, India Infrastructure Fund II (IIF II), represented by its investment manager IDFC Alternatives Limited, announced its wholly owned subsidiary Vector Green Energy Private Limited, will acquire seven operating solar projects in the Indian states of Andhra Pradesh and Telangana from First Solar Power India Private Limited, First Solar FE Holdings Pte Ltd, and their affiliates.

Currently, Vector Green Energy is set to acquire another 240 MW of operating capacity from different owners, according to consultancy Mercom Capital Group. IIF II expects to complete these acquisitions by March 2018. According to the company, these acquisitions will expand Vector Green’s operating base to 350 MW.

IDFC Alternatives was founded in 2002 and is one of India's largest alternatives fund manager with assets under management of $3.4 billion. India Infrastructure Fund II has established Vector Green Energy Private Limited as the operating holding company for its control investments in the renewable energy business.