IDFC PE buys BP Energy India

The Mumbai-based firm has also invested INR3.6bn in Green Infra, the portfolio company through which it acquired BP Energy India.

India’s largest infrastructure-focused private equity firm IDFC Private Equity (IDFC PE) has acquired BP Energy India, a wholly-owned subsidiary of oil major BP, for an undisclosed sum.

BP Energy India has a 100 megawatt portfolio of wind energy assets.

The acquisition was made through Green Infra, a joint venture between IDFC PE and Emergent Ventures India, a carbon and clean technology advisor. Debt financing was provided by India’s IDFC and Axis Bank.

IDFC PE has also invested INR3.6 billion ($75 million; €51 million) in Green Infra, which owns and operates a 24 megawatt wind farm in Tamil Nadu. Including BP Energy India’s assets, Green Infra will own operating assets estimated at more than INR7.5 billion. This includes a project development pipeline of more than 300 megawatts. 

 IDFC PE’s previous investments in the cleantech space include Moser Baer Photo Voltaic, a solar cells and modules maker; SE Forge, a  wind energy components maker; and Doshion, a water and waste water management business.

A subsidiary of the Infrastructure Development Finance Company IDFC Private Equity was set up in 2002. It manages three funds: the INR8.4 billion India Development Fund; the INR19.9 billion IDFC Private Equity Fund II and the INR33 billion IDFC Private Equity Fund III.

IDFC PE could not be reached for comment at press time.