According to reports, clean energy company, NSL Renewable Power Pvt. Ltd. has raised $60 Mn from a group of investors which include development finance institutions, DEG – Deutsche Investitions- und Entwicklungsgesellschaft from Germany and Proparco from France, Asia Clean Energy Ltd., a South Korean PE fund and GS Power Co. Ltd,. also from South Korea.
Existing investors, IFC and FE Clean Energy also participated in this round.
Money will be used for growth in wind and hydro power sectors.
Last October, CEO Sanjay Chaturvedi had announced the fund raising plan of $100 Mn by end of this fiscal.
IFC was also involved in providing a loan of $19 Mn to its subsidiary, NSL Wind Power Company Satara to part finance a project.
FE Clean Energy Group had invested $40 Mn in the NSL Renewable in 2011.
NSL Renewable Power intends to set up a wind power project of 75 MW in Chilarwadi village of Man Tehsil, Satara District of Maharashtra through a subsidiary NSL Wind Power.
The Project will be implemented in two phases with 25.5 Mw to be implemented in the first phase. Construction period for each phase is expected to be 6 months.
NSL Renewable Power currently has 185 MW of installed capacity, which include 148 MW of wind power, 20 MW of solar power, 12 MW of biomass power and 5 MW of hydel power. The investment will give NRPPL the required financial support to more than double its capacity over the next 18 months.