NSL Renewable Power Private Ltd, part of the Hyderabad-based NSL Group, has executed investment agreements for $60 million from a group of investors.
The investors comprise Development Finance Institutions, DEG – Deutsche Investitions- und Entwicklungsgesellschaft from Germany and PROPARCO from France, Asia Clean Energy Ltd, a private equity fund from South Korea and GS Power Co Ltd from South Korea.
Existing investors in the company, International Finance Corporation and FE Clean Energy also participated in this round of fund raising.
The company will use the proceeds to fuel its growth in wind and hydro power sectors. NSL currently has 185 MW of installed capacity, which include 148 MW of wind power, 20 MW of solar power, 12 MW of biomass power and 5 MW of hydel Power. The investment will give NRPPL the required financial support to more than double its capacity over the next 18 months.
M. Prabhakar Rao, Chairman, NSL Group, said: “The investment from these reputed development institutions and financial investors is a testament to our capabilities in this sector and validates the strong business model that NRPPL has built over the past several years.”
With this investment, the company will be able to accelerate its development pipe-line and is well poised to achieve its targeted potential of being a 1 Gigawatt company by 2016.
In the earlier round of investment, NRPPL raised $40 million from FE Clean Energy and $20 million from International Finance Corporation.