Hydreq Pte Ltd, an arm of Singapore-based energy and infrastructure investor Equis Funds Group (Equis), has invested Rs 120 crore ($18.96 million) more in Dans Energy Consulting Pvt Ltd.
It was the first of its kind PE investment by an overseas fund in the hydro power sector in India. With this, the total investment by Equis in DANS will be Rs 400 crore ($64 million).
Equis earlier invested in two other tranches in Dans in August 2012 and March 2013.
HSA Advocates and Rajah and Tann LLP advised Equis on this deal.
Founded in 2006 by chairman and managing director T Nagendra Rao, Dans Group provides research and consulting solutions to independent power producers. Rao has over 10 years of his 30 years of professional experience in the power sector.
Dans also provides assistance to hydro power project developers in India for activities related to development of hydro electric projects. Its services include technical consultancy, government liaison and statutory approvals, financial advisory, operational assistance, etc.
Dans has several projects under construction in Sikkim on a build, own, operate and transfer (BOOT) basis. It holds a large portfolio of hydro projects and is a developing run of river 193 MW hydro power platform in northern India, of which one project of 96 MW is about to complete.
Equis has been set up by former Asian Development Bank and Macquarie executives to tap investment opportunities in energy and infrastructure sectors across Asia. The firm closed Equis Asia Fund I at $647 million last year, exceeding the firm’s $500 million fundraising target.
Rajpal Chaudhary, former executive director and co-founder of the property management firm Assetz Property Services, is one of the founding partners of Equis and leads its Indian operations. The firm is led by David Russell, a former senior MD at Macquarie Group who led Asian private equity and Greater China. Equis is based in Singapore, with its regional offices located in Delhi, Hong Kong and Chengdu.
The overseas fund invests in a variety of sectors, including renewable and conventional power generation, energy transmission and distribution, energy and agricultural storage and handling, waste and water treatment, and energy, agricultural and general transportation and logistics.
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