IDFC-backed Green Infra seeks $200m in funding - report
Green Infra, the Indian clean energy producer backed by IDFC Private Equity, a wholly-owned unit of India's Infrastructure Development Finance Company, is reportedly seeking to raise $200 million in funding.
The capital would be in addition to a $50 million debt facility that the company may receive from the International Finance Corporation (IFC), the private sector investment arm of the World Bank, to build two solar power plants in India. IFC is contemplating making the facility available over a period of two years.
"We have ambitious growth plans that will require additional capital," Shivanand Nimbargi, managing director and CEO of Green Infra, told Live Mint. "The $50 million debt is separate from our fund raising plans. We are talking to various people, not just private equity investors."
The additional cash injection would serve to finance ongoing projects as well as expansion. The company's immediate plans include becoming a 5,000 megawatts (MW) renewable energy company by 2015 with operating assets of 3,000 MW plus 2,000 MW in development. This would largely be generated through wind energy, followed by hydro, solar and biomass.
IDFC originally incubated Green Infra in 2008 and invested INR800 million ($18 million) in the company in August 2011. It was reported last year that the investor wanted to take the company public in 2013, with a view to turning it into one of India's largest independent power producers.
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