NSL Renewable raises $60 million

NSL Renewable raises $60 million
Highlights

The company will use the proceeds to fuel its growth in wind and hydro power sectors. Hyderabad: NSL...

The company will use the proceeds to fuel its growth in wind and hydro power sectors. Hyderabad: NSL Renewable Power Private Limited (NRPPL), part of the city-based NSL Group, on Monday said it raised $60 million from a group of private equity players from its expansion activities. M Prabhakar RaoGerman-based DEG, France's Proparco, Asia Clean Energy Limited, a private equity fund from South Koreac, and GS Power Co Ltd, also from South Korea, invested in the company in addition to the existing investors International Finance Corporation and FE Clean Energy. The company will use the proceeds to fuel its growth in wind and hydro power sectors. NRPPL currently has 185 MW of installed capacity, which include 148 MW wind power, 20 MW solar power, 12 MW biomass power and 5 MW hydel power. "The investment from these reputed development institutions and financial investors is a testament to our capabilities in this sector and validates the strong business model that NRPPL has built over the past several years. With this investment, the company will be able to accelerate its development pipeline and is well poised to achieve its targeted potential of being a 1 Gigawatt Company by 2016," said M Prabhakar Rao, Chairman, NSL Group.
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