CDC Group set to back Green Infra with USD 25 million investment
CDC Group has said today that it has agreed to place an investment worth USD 25 million in Green Infra Ltd. CDC Group is a development finance firm owned by the UK government while Green Infra is an India-based renewable energy developer. In an emailed statement to Bloomberg, CDC said the financing would enable Green Infra to enhance its production capacity in its wind and solar projects.
The investment from CDC would form part of a USD 125 million funding round that was geared towards helping the renewable energy company to increase by more than two times its portfolio to 1,000 megawatts in three years.
Green Infra's current capacity is 387 megawatts. Around 90% of that is based on wind energy. It was set up by IDFC Private Equity funds in 2008. IDFC Private Equity funds is the largest financier of clean energy projects in India.
In its website, Green Infra described itself as a young and dynamic organization. Based in New Delhi, the vision of the energy developer is to be the leading Independent Power Producer or IPP for clean energy. Green Infra said, "With a mandate to invest, develop and operate clean energy assets, we are actively involved across the renewable energy sector in India with a clear focus on Wind, Solar, Hydro and biomass verticals."
Green Infra owns 351 megawatt of wind assets in five states. It also has a 35-megawatt solar power plant in Gujarat and Rajasthan. The company said its wind and solar power projects save tons of carbon emission produced on a yearly basis.
The CDC Group has said it will make more investments in India in spite of the economic challenges the Asian country had been facing. In a report in The Economic Times, Chief Executive Officer Diana Noble said the CDC has invested USD 260 million in five deals in the past six weeks.