South Korea-based power company GS Power has joined a consortium investing $60m investment in NSL Renewable Power, part of the eponymous India-based commodities company.
Development finance institutions DEG (Deutsche Investitions- und Entwicklungsgesellschaft) from Germany and Proparco from France and Asia Clean Energy, a private equity fund from South Korea, invested alongside GS Power.
Existing investors in the company, International Finance Corporation, part of the World Bank, and private investment firm FE Global Clean Energy also participated in this round of fund raising having provided $20m and $40m, respectively, in an earlier round.
The Asian Development Bank (ADB) subsequently made a $30m equity investment in NSL Renewable, marking the bank’s first equity investment in an Indian private sector renewable power generation company.
The portfolio company will use the proceeds to its installed capacity over the next 18 months. NSL Renewable has 185MW of installed capacity, which include 148MW of wind Power, 20MW of solar power, 12MW of biomass power and 5MW of hydro power.
Prabhakar Rao, chairman of NSL Group, said: “With this investment, the company will be able to accelerate its development pipe-line and is well poised to achieve its targeted potential of being a 1GW company by 2016.”