Wednesday, July 20, 2011

FE Clean Energy Group to invest US $40 million in NSL renewables

Hyderabad based NSL Renewable Power Private Limited (NRPPL),has announced a tied up with the FE Clean Energy Group, a leading clean energy focused private equity fund, for an investment of US $40 million.  NRPPL will be using the funding for the its various wind, hydro and solar power projects.
After the demerger from Nuziveedu Seeds, NRPPL has been seeking to raise capital for renewable energy projects. Currently the company has about 162 Mw of renewable energy comprising of 150 Mw wind and two bio-mass plants of 6 Mw each.
NRPPL is also constructing two medium scale hydro power projects (100 Mw and 44 Mw) and two small scale hydro power projects (5 Mw and 6 Mw) in Himachal Pradesh. The Company has recently entered into solar power generation and is currently constructing a 20Mw solar power project in Gujarat, which is expected to be commissioned by December 2011. NRPPL also has seven winds power project under development totalling over 700 Mw, which will be implemented over the next 2-3 years.
Prabhakar Rao, Chairman of NSL Group said, “This investment will enable the company to ramp up capacity and facilitate further fund raising to achieve our vision of being a 1,000 Mw Company by 2015 in the renewable energy space.”
Anand Prakash, Managing Director of FE Clean Energy Group said “NSL is one of very unique companies in the renewable energy space to own significant projects in each of the wind, hydro, biomass and solar sectors.  NSL’s diversified portfolio is ideally positioned to grow in the next few years and FE Clean Energy is very excited to join NSL on its growth journey to become the largest diversified renewable energy company in India.”

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