NSL Renewable Power, part of the Hyderabad-based NSL group, is confident of raising $100 million of equity by March 2013, the Chief Executive Officer, Sanjay Chaturvedi, told Business Line today.
Term sheets have been signed for $50 million and the deal(s) could be closed within two months, he said.
While Chaturvedi did not name the investors, it is known that IFC, the private equity arm of World Bank, is considering investing $19 million in NSL Renewable.
In the past, NSL Renewable has raised equity funds from FE Clean Energy and IFC.
NSL is putting up two wind farms in Maharashtra — of 75 MW and 110 MW. “We have completed the development work and have begun construction,” he said.
He said despite “execution problems” in Maharashtra, the State was good for wind investments because of the better tariffs (of around Rs 5.50).
Chennai-based ReGen Powertech, in which the NSL group has a sizeable stake, is the supplier of wind turbines for one of the wind farms. For the other, NSL Renewable is evaluating various options, including ReGen Powertech. ReGen Powertech produces wind turbines at its plant near Chennai with technology from Vensys of Germany.