Nereus Capital raises $250m Indian clean energy fund
Nereus Capital, an alternative asset manager focused on renewable power generation and clean technologies, is raising a $250 million clean energy fund, of which $20 million will be contributed by the International Finance Corporation (IFC).
The newly formed fund, namely India Alternative Energy Fund, will be based in Mauritius and make seven to 10 investments worth between $15 million to $25 million each, according to VCCircle.
Nereus Capital is currently investing from its flagship fund, the India Energy Fund, which engages in clean and renewable power generation investments with $5 million to $25 million in equity or equity-linked securities.
Last May, the private equity firm named Rajesh C. as managing director, charged with driving investments in new and existing target areas linked to renewable energy. Prior to joining Nereus, Rajesh C was head of investments at PTC India Financial Services. He also previously worked at Green Infra, a domestic renewable energy producer.
IFC has been active in supporting funds and companies in the cleantech space. In January, the private investment manager said it would provide $5 million in debt financing to Mahindra Solar One for a 5-magawatt solar power project in Rajasthan.
Last June, IFC also injected $4 million in India's Sapphire Industrial Infrastructures, a tin film solar plant operator. The capital will help the New Delhi-based company, a subsidiary of renewable power developer Moser Baer Clean Energy, to bolster clean energy locally and provide electricity to about 11,000 people.
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