Evergreen Power, US Based Company in Talks to raise $100 Million for India
Evergreen Power, a US-based company is in talks with investors, including private equity, strategic investors and infrastructure funds, to raise up to $100 million in equity to ramp up its wind energy projects in India, an executive from the company told ET.
The company is hopeful of bringing 280 megawatts (MW) of wind energy online in the next twelve months in the states of Tamil Nadu, Madhya Pradesh and Karnataka.
The company also aims to scale up wind energy production capacity to one gigawatt by 2020 by adding 250-350 MW every year.
Co-founder, Evergreen Power, Surjeet Kumar stated that, “We are seeing tremendous interest from serious investors, not just some people testing the waters. They want to put significant capital to work in India. India’s macro factors, central government strength is instilling confidence in the investment community.
The company has plans of closing fundraising in 60-90 days. Kumar also stated that, it would acquire $200 million in debt to build the capacity.
India has a target of installing 100 GW of solar capacity and 60 GW of wind capacity by 2022.
