NSL Renewable Power Private Limited part of the Hyderabad based NSL Group, announced that it has executed an investment agreement with FE Clean Energy Group a leading clean energy focused private equity fund, for an investment of USD40 million. NRPPL shall use the capital raised to meet equity commitments for its various wind, hydro and solar power projects.
After the demerger from Nuziveedu Seeds Pvt Limited, the Flagship Company of NSL Group, NSL Renewable Power Pvt Limited 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 of 150 MW of wind power (including a 50MW wind farm which is expected to be commissioned later this month) 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. The Company has recently entered into solar power generation and is currently constructing a 20MW solar power project in Gujarat, which is expected to be commissioned by December 2011. NRPPL also has seven winds power project under development totaling over 700 MW, which will be implemented over the next 2 to 3 years.
NSL Group is also the promoter of Regen Powertech Private Limited, which is the fastest growing wind turbine manufacturer in the country.
Commenting on the transaction Mr Prabhakar Rao chairman of NSL Group said that "We are excited about the investment by FE Clean Energy Group and value their association as our long term partner. This investment will enable the company to ramp up capacity and facilitate further fund raising to achieve our vision of being a 1000 MW Company by 2015 in the renewable energy space."
Mr Anand Prakash MD of FE Clean Energy Group said that "NSL is one of very unique companies in the renewable energy space to own significant projects in each of the wind, hydro, biomass and solar sectors. NSL's diversified portfolio is ideally positioned to grow in the next few years and FE Clean Energy is very excited to join NSL on its growth journey to become the largest diversified renewable energy company in India."
