NSL Renewable Power Private Ltd (NRPPL), part of the Hyderabad based NSL Group, will receive an investment of $40 million from FE Clean Energy Group, a clean energy focused private equity fund.
As per the investment agreement, NRPPL will use the funds to meet equity commitments for its various wind, hydro and solar power projects.
After the demerger from Nuziveedu Seeds Pvt Ltd, the flagship company of the Rs 3,500-crore NSL Group, NSL Renewable Power has been seeking to raise capital to fuel its growth in the renewable energy sector.
The company has about 162 MW of installed capacity in renewable energy, comprising 150 MW of wind power and two bio-mass plants of 6 MW each.
NRPPL is also constructing two medium-scale hydro power projects (100 MW and 44 MW) and two small-scale hydro power projects (5 MW and 6 MW) in Himachal Pradesh.
In solar energy, the company recently entered power generation and is currently constructing a 20 MW solar power project in Gujarat.
Commenting on the agreement, Mr Prabhakar Rao, Chairman of NSL Group, said “This investment will enable the company to ramp up capacity and facilitate further fund raising to achieve our vision of being a 1,000 MW Company by 2015 in the renewable energy space.”
Mr Anand Prakash, MD of FE Clean Energy Group, said, “NSL's diversified portfolio is ideally positioned to grow in the next few years and FE Clean Energy is keen to be part of it”.