CleanTech/ Renewable Energy, Finance, solar

Surana Plans to Raise $25 Million to Develop Solar Projects

According to reports, Surana Ventures Ltd., an Indian maker of solar panels, plans to raise $25 million to fund its projects and capacity expansion.

Surana will raise the money through a mix of debt and equity, Managing Director Narender Surana said in phone interview yesterday from Secunderabad, where the company is based. It is in talks with Middle East and Indian investors for fundraising, he said.

Surana plans to set up two 5-megawatt solar power projects near Hyderabad through its newly formed subsidiary, Surana Solar Systems Pvt. Ltd., he said. About $15 million of the cash will be spent on commissioning the expansion of its panel unit in Hyderabad and the rest on developing solar power projects, he said.

The shares of the company in Mumbai were trading at 33.55 rupees, down 1.1 percent at 2:53 p.m.



No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

Panchabuta's Trending Tweets

Panchabuta’s Twitter

Web Analytics Clicky
stats for wordpress
%d bloggers like this: