International Finance Corporation (IFC) devices to invest $20 million in NSL Renewable Power to pick anonymous stake. Hyderabad based NSL Renewable Power is a holding company which is expanding its verticals to hydro-electricity space along with the existing wind and biomass power generation, reports dealcurry.com.
The fund will be used for medium and small hydropower and wind power projects in Himachal Pradesh, Maharashtra and Karnataka.
Currently, NSL Renewable Power has about 110 MW of existing operating assets. They are in the process of setting up two medium scale and two small-scale hydro projects along with seven wind power projects, which are in various stages of development.
The total cost of the project is estimated to be around $210 million, which will be funded by other investors and debt along with IFC. This will open a new diversion for the four-decade old company. The NSL Group has many diverse branches, like seeds, sugar, IT infrastructure, textiles and renewable energy business.
