Feb 11, 2015 (SeeNews) - Global private equity firm Actis said Wednesday it has created a renewable energy platform in India, Ostro Energy, whose goal is to reach 800 MW capacity by 2019.
The company has committed USD 230 million (EUR 203.4m) to Ostro Energy, which has already acquired its first project. The 50.4-MW Tejuva wind park is under construction in the Jaisalmer district of Rajasthan.
Ostro Energy will have Ranjit Gupta as chief executive officer.
“With shortages of coal and gas, plus the environmental and social challenges associated with hydro and thermal projects, renewable energy is fast becoming critical to the energy supply equation in India,” commented Torbjorn Caesar, partner and co-head of energy at Actis.
The private equity firm has already created four separate energy platforms focused on Mexico, Chile, Brazil and on Central America. Since 2002 it has invested over USD 1.9 billion in 27 energy transactions, across 21 countries.
(USD 1 = EUR 0.884)