India’s NSL Renewable Energy raises $60m round
A group of investors, including International Finance Corporation (IFC) and FE Clean Energy, has committed $60 million to the NSL Renewable Power Private, a subsidiary of NSL Group.
Additional participants in the round are development finance institutions DEG of Germany and France's Proparco, and two South Korean entities, Asia Clean Energya and GS Power.
The company will use the capital to support its growth in the wind and hydro power sectors. It hopes to more than double its capacity in the next 18 months.
Last year, IFC said it would provide a $19 million loan to NSL Group to support the development of a wind farm in the western state of Maharashtra. IFC already holds a 9.3 stake in the NSL Renewable Power Private while FE Clean Energy owns another 17.4%.
NSL Renewable Power Private portfolio includes 148 megawatts of wind power, 20 MW of solar power, 12 MW of biomass power and 5 MW of hydro power. It is in the process of adding 200 MW and 150 MW in the wind and hydro areas, respectively.
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