Indian Power Sphere: RenewGen Enviro

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May 1, 2012

IFC to part fund Abengoa’s Indian arm Inabensa…

Power India found that International Finance Corp (IFC) is part funding a steel fabrication plant being built in India by Spanish infrastructure conglomerate Abengoa S.A. Abengoa’s Indian arm Inabensa Bharat Pvt Ltd is setting up the plant which is expected to cost around Rs 100.2 crore (~$20 million).

IFC will lend around $14 million for the project.

The greenfield project is to construct a steel fabrication plant near Vadodara in the state of Gujarat, with an annual capacity of 25,000 tons. The plant will manufacture steel structures for transmission & distribution (T&D) projects and metallic support structures for the cylindrical parabolic solar collectors (CPC) and heliostats in concentrated solar power (CSP) projects that will be developed globally, including in India and neighbouring countries.

Commenced in 1941, Abengoa provides technology solutions for sustainability in the energy and environment sectors, generating energy from the sun, producing bio-fuels, desalinating sea water and recycling industrial waste. The group is involved in five core businesses including solar, Bio-energy, environmental, IT and Engineering & construction.

IFC, the private investment arm of the World Bank, is one of the more prolific institutional investors in the country through a mix of equity and debt finance transactions. In another debt deal, it may lend around $26 million in to three new solar projects being developed by Mahindra Solar One, a 26:74 joint venture between the Mahindra Group and Kiran Energy, a private equity backed firm.

Over the last one week it has also committed over $200 million in three debt cum equity deals. These include debt funding of up to $65 million to Warburg Pincus-backed off-highway tyre manufacturer Alliance Tire Group, $130 million ($40 million in equity and $90 million in debt) in INOX Renewables Ltd, a subsidiary of Gujarat Fluorochemicals Ltd that runs its wind power generation business, besides $9 million (debt + equity) in Bangalore-based RenewGen Enviro Ventures India Pvt Ltd.

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IFC to invest $ 9 Million in Bangalore based RenewGen Enviro….

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.