Power India found that the International Finance Corporation (IFC) is planning to invest around $ 9 Million in the RenewGen Enviro Ventures India Pvt. Ltd (Banglore based company) which is currently developing a waste to energy (WTE) project in Sri Lanka.
The deal would include a mix of debt and equity both at the project level and the holding company level.
After the financial closure of the Sri Lanka project, RenewGen Enviro will initiate discussions with other investors for a larger investment round at the holding company level.
RenewGen Enviro Ventures India has been promoted by Vishnu Vasanth and B Senthil Kumar. The company also includes TTK Group chairman T.T. Jagannathan as a primary investor. Both promoters Vasanth and Kumar are Indian School of Business (ISB) passouts who set up the company in 2008.
RenewGen is executing 10MW waste to energy project in the western province of Sri Lanka. The project is expected to cost $29 million, and is one of the largest FDI in Sri Lanka in the sector. RenewGenEnviro Ventures India will own over 51 per cent stake in the project while a local government body will own 5 per cent. Remaining stake will be held IFC and other investors.
The project will process up to 580MT/day of municipal solid waste (MSW) and will generate up to 10MW of electricity which will be sold to the grid. The concession will be undertaken by Renewgen Environment Protection Kotte Pvt Ltd, a company incorporated in Sri Lanka. The Ceylon Electricity Board will off-take the power generated from the plant.
RenewGen Enviro Ventures is planning to develop a portfolio of waste to energy projects in South Asia. The company is looking to build 100 MW portfolio of renewable energy assets using municipal solid waste (MSW) as the fuel. Besides Sri Lanka, the company is also bidding for projects in India and Bangladesh.
IFC also planning to invest USD 130 Million in the form of debt and equity into INOX for 400 MW of wind projects…
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