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
Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!
Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.
Former Tesla Battery Expert Leading Lyten Into New Lithium-Sulfur Battery Era — Podcast:
I don't like paywalls. You don't like paywalls. Who likes paywalls? Here at CleanTechnica, we implemented a limited paywall for a while, but it always felt wrong — and it was always tough to decide what we should put behind there. In theory, your most exclusive and best content goes behind a paywall. But then fewer people read it! We just don't like paywalls, and so we've decided to ditch ours. Unfortunately, the media business is still a tough, cut-throat business with tiny margins. It's a never-ending Olympic challenge to stay above water or even perhaps — gasp — grow. So ...