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Published on August 1st, 2014 | by Mridul Chadha

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Singapore PE Fund Invests $40 Million In Indian Renewable Energy Company

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August 1st, 2014 by
 

wind farm india

A wind energy project at Kanyakumari (Tamil Nadu) India

Indian renewable energy companies are fast attracting investments from international companies and funds as the Indian renewable energy sector looks set for a major push backed by a favorable government.

AT Capital, a Singapore-based private equity fund, has announced a $40 million investment in Orange Powergen Limited to help the latter expand its renewable energy infrastructure. Orange Powergen is active in the development of wind, solar, biomass and hydro power projects.

The company plans to develop a 60 MW solar power project in the southern state of Karnataka, and is considering setting up 30 MW projects in the western states of Maharashtra and Gujarat each. It also operates two wind energy projects with an aggregate capacity of almost 60 MW, and is expected to commission a 100 MW wind energy project by March 2015.

Orange Powergen has secured 16 biomass projects with 10 MW capacity each, and plans to set up three such projects during the first phase. Two projects were supposed to be commissioned this year, but the company has not updated their status as yet.

The deal is AT Capital’s first investment in the renewable energy sector.

Over the course of this year a number of international companies and funds have made big-ticket investments in Indian renewable energy companies. In July, ReNew Power announced that it had raised a total of $140 million in equity investments from Goldman Sachs, the Asian Development Bank, and the Global Environment Fund. With this round, the total equity investment in the company reached $390 million.

The Asian Development Bank also invested $50 million in Welspun Renewables Energy Limited, picking up 13.3% equity share in the company. In May, GE Energy Financial Services picked up an equity stake worth $24 million in India’s largest solar power project. The 151 MW solar project is owned by Welspun Energy.

Image credit: wind turbines in India via Shutterstock

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About the Author

currently works as Head-News & Data at Climate Connect Limited, a market research and analytics firm in the renewable energy and carbon markets domain. He earned his Master’s in Technology degree from The Energy & Resources Institute in Renewable Energy Engineering and Management. He also has a bachelor’s degree in Environmental Engineering. Mridul has a keen interest in renewable energy sector in India and emerging carbon markets like China and Australia.



  • JamesWimberley

    The new Indian government seems very relaxed about foreign investment in generating capacity, which comes along with project management and O&M skills. Its protectionist instincts seem limited to promoting local content in the supply of the equipment.

    • Suman Chakraborty

      On a high level you can think of Modi policy like this:
      Allow foreign investment in those areas which create Job for Indians and builds up skill & capacity gradually.
      Reject foreign investment in those areas which only uses India as a market but doesn’t add any value.

      • Patrick Linsley

        Has a ring of the Singapore strategy to it. Hope he pulls it off!

      • Bob_Wallace

        That makes sense.

        Of course it invites other countries to exclude goods or services from India which don’t create jobs and build up expertise in their own countries.

      • Calamity_Jean

        Sounds like a good policy to me.

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