Indian Auro Mira obtains USD 4.8m funding

(ADPnews) - Oct 5, 2010 - US-based private equity investor Eplanet Ventures said it has invested USD 4.8 million (EUR 3.5m) in Indian renewable energy firm Auro Mira Energy Company Private Ltd as part of a USD-21-million second round of financing.

Private equity investors Aureos South Asia Fund and International Finance Corp (IFC) also took part in the placement, Eplanet said.

Auro Mira will use the funds to complete the development of four renewable energy projects in the small hydro and biomass sectors, and also to purchase land and licenses for other projects.

The Indian energy firm had launched the projects in a bid to reach 100 MW capacity in 2012, following its expansion strategy, Eplanet added.

At present it produces energy from its 7.5MW biomass site and 10 MW biomass site in India.

(USD 1 = EUR 0.726)

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