Actis invests $230m in Indian renewables platform

According to release, Ranjit Gupta - former chief executive of Indiabulls Power and co-founder of Orange Powergen - has been chosen as CEO of the entity.

The platform already has its first project - the 50.4 megawatt Tejuva wind project - under construction in the Jaisalmer district of Rajasthan. On completion, the project will provide 800MW of capacity across several Indian states by 2019.

"With shortages of coal and gas, plus the environmental and social challenges associated with hydro and thermal projects, renewable energy is fast becoming critical to the energy supply equation in India," Torbjorn Caesar, partner and co-head of energy at Actis.

Ostro is the fifth energy platform that Actis has created; the other four are based in Latin America. The GP - which has a total of $7.6 billion in funds under management--claims to have deployed in excess of $1.9 billion in 27 energy transactions, across 21 countries since 2002.

Actis closed its third global energy fund - Actis Energy 3 - at $1.15 million in December, 2013 - exceeding its original $750 million target by half. Its last significant energy deal in India was in 2010 when it pledged $77 million to Indian power giant GVK Energy alongside GIC Private.

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• Topics
• Infrastructure
• South Asia
• Infrastructure
• Actis Capital
• energy
• India
• Growth capital