Finance, Wind

Global VC funding in wind sector rebounds in Q1 of 2013

According to reports, global venture capital funding in the wind sector rebounded in the first quarter of 2013 with flow of $ 16 million through three deals, says clean energy communications and consulting firm Mercom Capital Group.

In India, funding and M&A activity in wind energy sector in the first quarter of 2013 was active with transactions in project, debt and other funding as well as project M&A, the report added.

The report analysed funding on the basis of four categories: project funding, VC funding, debt funding and others.

In the project funding category, the notable Indian transactions include Continuum Wind Energy receiving $ 164-million loan from State Bank of India for 175 MW wind project in Maharashtra.

Another is Gujarat Venture Finance picking up an equity stake in a special purpose vehicle of UK-based SITAC group. The SPV has been formed to execute a 50 MW wind project of around $ 47 million in Gujarat.

In the debt funding category, Suzlon raised $ 647 million in a bond issue by State Bank of India and JPMorgan Chase and in other funding an affiliate of the Government of Singapore Investment Corp (GIC) has agreed to invest around $ 150 million into Greenko’s Mauritius division funds that will be deployed into Indian utility-scale wind and hydro projects.

There were four M&A transactions in the first three months of this year, amounting to $ 543 million, out of which three were disclosed.

In India, notable project M&As include Mytrah Energy’s acquisition of 59.75 MW of wind projects in Tamil Nadu and Maharashtra for an undisclosed amount and Bharat Light & Power’s acquisition of 150 MW wind projects in Gujarat from DLF for $ 53 million, the report said.

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