JP Morgan Asset Management has recently invested Rs 100 crore in Leap Green Energy Pvt Ltd, a company promoted by India's ace motor racer Narain Karthikeyan's family.
Leap Green owns installed capacity of 100 MW of wind assets, which is to be doubled in the current year.
According to Venture Intelligence PE Deal database, JP Morgan first invested Rs 107 crore. The investment was made into both equity and convertible debt instruments, which, when converted would give JP Morgan a majority stake. Therefore, JP Morgan has invested over Rs 200 crore in Leap Green, which describes itself as a green Independent Power Producer.
Leap Green's Web site says that the company its “portfolio includes wind, solar and hydel projects” which are at various stages of completion.
JP Morgan's investment in Leap Green underscores the interest that private equity funds are showing in renewable energy sector. There have been quite a few deals in the last six months, the biggest of them being Rs 1,000 crore in ReNew Wind Power, founded by Mr Sumanth Sinha, a former executive of Suzlon.
IDFC-incubated Green Infra, which has operating assets of 164 MW, received Rs 90 crore from IDFC PE. Bharat Light & Power, founded by Mr Tejpreet Chopra, a former President & CEO of GE India, also raised an undisclosed sum from DJF Ventures.