Green Infra acquires majority stake in TVS Energy
16 August 2013
Green Infra, a renewables-focused independent power producer, has acquired a majority stake in TVS Energy, for an undisclosed sum.
This acquisition takes Green Infra's operating capacity to 377 MW and the company is on track to reach 500 MW by March 2014. Through this acquisition, Green Infra has added 59.75 MW of windf arms across Tamil Nadu and Maharashtra to its portfolio, the company said in a statement.
Green Infra will continue to supply power to the TVS Group, it added.
''We are delighted to partner with TVS Group and to become the provider of clean, green energy to the group. We remain extremely bullish on the future of renewable energy in the country and are aggressively investing in expanding our footprint,'' said Shiv Nimbargi, managing director and chief executive officer of Green Infra.
Incorporated in April 2008 by the private equity funds of IDFC Alternatives, Green Infra is a clean energy producer, with presence in both solar and wind segment in the country. IDFC Alternatives is an infrastructure-focused alternative asset manager, with about $2.2 billion of asset under management.
TVS Energy was incorporated in 2008 and operates as a subsidiary of T V Sundram Iyengar and Sons Ltd. The winds assets have been on block for quite sometime.