IDFC PE buys BP Energy's wind power biz in India

IDFC Private Equity today announced the acquisition of British firm BP Energy's wind power business in India for an undisclosed amount.

IDFC Private Equity made the acquisition of the 100-Mw portfolio of wind energy assets of BP Energy India through Green Infra.

Green Infra is an independent power producer with 100 per cent equity support from IDFC Private Equity that has committed Rs 360 crore to the renewable energy producer.

"So far we have disbursed Rs 200 crore to the company which include equity transaction to acquire the wind power firm," IDFC Private Equity Managing Director Satish Mandhana told reporters here.

He said the private equity investment manager would make further investment in the company based on the future requirement.

The money has been committed from the two existing funds raised by the IDFC Private Equity, he said, adding "so technically the investment in the company is from those two funds".

Debt financing for the BP Energy India transaction which is located in Maharashtra and Karnataka was provided by IDFC and Axis Bank, he added.

With the acquisition the total energy generating capacity has gone to 124 Mw from earlier level of Rs 24 Mw.