Jindal Steel & Power Ltd (JSPL) has agreed to to divest its wind power project at Satara in Maharashtra to India Infrastructure Fund II managed by IDFC Alternatives. Details of the transaction has not yet been disclosed.
The deal involves a wind project with a total capacity of 24MW. The transaction is scheduled to be completed in two months.
IIF II will invest in core infrastructure assets in India, with no development risk. It invests structured equity in a diversified portfolio of infrastructure assets and focus on creating sustainable, positive economic impact and long-term value for investors, portfolio companies and the Indian economy.
In October 2014, IDFC Alternatives closed fundraising at nearly US$900 million for its second India infrastructure focused fund. IDFC started the fund-raising in January 2013 with a total target of $1 billion.