Green energy arm of Essel Infra bagged $132 million from Piramal Enterprises Limited through its Structured Investment Group and Dutch pension fund asset manager APG Asset Management.
As part of the transaction, Piramal Enterprises Limited (PEL) and APG Asset Management (APG) will jointly invest $132 million (Rs 900 crore) in Essel Green Energy Private Ltd, the solar platform vehicle of Essel Infraprojects Ltd. The company currently owns 160 MW of solar independent power projects in 4 states of India, of which, 110 MW is operational and 50 MW is currently under execution.
"The strategic alliance formed in 2014 between PEL and APG committed US$1 Billion for investments in infrastructure companies and we see great potential in green energy as a segment. Given the Government's focus on non-conventional energy and Essel Infra's strong track-record, we are confident that the investment will yield good results", said Jayesh Desai, Co-head, Structured Investments Group- Piramal Enterprises Ltd.
Hans-Martin Aerts, Head of Infrastructure Investments Asia Pacific at APG said: "We view India as an attractive renewable energy market with favorable growth dynamics. APG is a strong supporter of increased investments in sustainable energy generation. We are pleased to support Essel Green Energy in growing its portfolio of solar projects and to contribute to meeting India's renewable energy targets."
Essel Infraprojects Limited CEO & Whole Time Director, Ashok Agarwal said: "Essel Group has ambitious plans to expand its foot-print in the Green Energy field. With the impetus provided by the Central Government to solar energy we are upbeat about the outlook for the industry. APG and Piramal Enterprise's trust in us, demonstrated through this investment makes us even more confident of powering the development agenda of an India on the move."
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.