Macquarie invests in Moser Baer project
The Macquarie SBI Infrastructure Fund is to take an INR5.8 billion ($129 million) minority stake in a New Delhi-based, 2.52 gigawatt thermal power project of Moser Baer, a domestic energy developer.
The project, developed by Moser Baer Projects Private Limited (MBPPL), is expected to be completed in tranches until its 2014 deadline, accruing an estimated total cost of $3 billion. Macquarie's capital will be used for the development of the project's first stage, in which it achieves the capacity to produce 1.2 gigawatts of energy.
According to the companies, the project is intended to help alleviate India of its energy shortage. "Given the significant power deficit in India, we believe the power sector offers considerable opportunities," CEO of MBPPL's thermal division, Lajpat Shrivastav, said in a statement.
In August, the Blackstone Group pledged a $300 million investment in Moser Baer Projects.
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