India’s NSL Renewable raises $30m from ADB
Renewable energy developer NSL Renewable Power Private (NRPPL) has raised $30 million from the Asian Development Bank (ADB) in another round of financing to fund the construction of two hydro-power and wind energy projects in India.
The news comes within a week of NRPPL announcing an agreement for $60 million in investments. The group of investors in that round included World Bank investment unit International Finance Corporation (IFC), FE Clean Energy, Deutsche Investitions und Entwicklungsgesellschaft (DEG), France's PROPARCO, PE fund Asia Clean Energy, and South Korea's GS Power.
This is ADB's first equity investment in a private sector renewable power generation company in India. The proceeds will partially finance the construction of the 100 megawatts (MW) Tidong run-of-river hydropower project in Himachal Pradesh, and the 75 MW Chilarewadi wind project in Maharashtra. These projects are expected to be commissioned by 2015 and to generate 530 gigawatt-hours of power every year.
NRPPL has over 200MW in wind and 150MW in hydropower projects under construction, and 185MW of installed capacity across solar,biomass, hydro and wind. The company intends to build about 1 gigawatt in operational renewable power projects by 2017.
The company is a subsidiary of the Hyderabad-based NSL Group which has businesses in sectors like seeds, cotton, power, textiles, sugar and infrastructure. The Blackstone Group has invested in NSL's group's hybrid seed company, Nuziveedu Seeds.
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