UK's Development Finance Institution (DFI) CDC Group Plc has invested around $225 Million in IDFC Alternatives' second infrastructure fund and renewable energy firm Green Infra.
CDC has invested $25 million in Green Infra, one of India’s largest independent renewable power producers with generating capacity of 387 MW. Green Infra is incubated and owned by private equity funds managed by IDFC Alternatives. CDC's investment is part of a $125 million financing round for Green Infra, where earlier it raised funding from Piramal Enterprises.
Green Infra will use the capital to expand its wind and solar power generation capacity through a combination of organic growth and selective acquisitions. The company has grown its generating capacity to 387 MW across 18 assets in six Indian states, with more than 90% of its generation capacity coming from wind. The CDC investment will allow Green Infra to reach its targeted capacity of 1,000 MW of generating assets by 2016, the equivalent of 5 per cent of India’s current wind capacity.
CDC Group also said that it is committing $200 million to the India Infrastructure Fund 2 (IIF2), run by IDFC Alternatives. The commitment from CDC, which is its largest ever to an Indian investment fund, helped IIF2 reach a first close of $644 million in September.
The fund is expecting a final close at $1 billion by end of 2013. CDC has had a long association with IDFC, as it was an early investor in the infrastructure lender in the 90s and also backed its private equity funds as a limited partner (LP). CDC also backed IDFC’s first India Infrastructure Fund in 2008 by providing $100 million.
CDC is one of the largest investors in Indian private equity funds with over $680 million invested - and $1.1 billion committed - supporting almost 300 companies in the country. Around 28 per cent of CDC’s Indian investment has been in infrastructure.
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