IFC invests $5m in India’s NSL Renewables
The International Finance Corporation (IFC) has invested $5 million in Indian energy developer NSL Renewables Power Private Limited (NRPPL) to finance its wind and hydropower projects. NSL has raised a total of $120 million for the current phase of its 1 giga watt development plan.
IFC made the investment through the purchase of compulsorily convertible debentures. It follows a $20 million equity investment that IFC made in the company in 2011.
This year NRPPL has also raised $30 million from the Asian Development Bank and $60 million from a group of investors including German Investment Corporation (DEG), PROPARCO, Asia Clean Energy, GS Power and FE Clean Energy.
NRPPL is working to reach 1 GW capacity by 2016. It currently has 185MW of installed capacity across wind, solar, bio-mass and hydropower projects. Over 200 MW in wind and 150 MW in hydropower are under construction.
The $120 million raised so far will help the developer reach 500 MW capacity over the next 18 months.
N M Vaidyanathan, CFO of NSL Group, told AVCJ that the company will require another $150 million for the next phase of the development pipeline.
NRPPL is likely to IPO after the 1 GW target is met in 2016.
Other deals in India's renewables sector this year been Government of Singapore Investment Corp. 's (GIC) investment of $154 million in Greenko Group in March, and Bharat Light & Power receiving $37.18 million from a consortium including Draper Fisher Jurvetson India, UTI capital, and VenturEast Fund Advisors.
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