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Caparo Energy (India) Ltd, a wholly-owned subsidiary of the AIM-listed Caparo Energy Ltd, today announced that it has secured the first tranche of $78.5 million (Rs 350 crore) funding from The India Infrastructure Fund managed by IDFC Project Equity Company Ltd.
It described this as mezzanine financing which is in the form of preference shares with a six-year term. Morgan Stanley acted as the advisor for the transaction.
In addition to this, the company hinted that it is at an advanced stage to raise another round of funding of $33.5 million (Rs 150 crore) on similar terms.
Caparo Energy (India) has announced plans to set up a series of wind energy farms in the country. Along with its existing resources, the company would be able to set up 700-MW of wind projects, it said.
Caparo Energy also announced that it has commissioned 10.5-MW in Rajasthan and expects to add 31.5 MW by mid-July 2011.
Mr Ravi Kailas, Chief Executive Officer of Caparo Energy, in a statement said: “the commissioning of the first project and the funding are two important milestones. With this, the company is in a position to fund approximately 700 MW of projects, with no further equity dilution.”
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