Surana Ventures seeks USD 50m for solar expansion - report
Aug 11, 2014 - Indian solar module maker Surana Ventures Ltd (BOM:533298) seeks to raise up to USD 50 million (EUR 37m) to expand its manufacturing capacity and install up to 50 MW of solar parks.
The Hindu Business Line on Monday cited managing director Narendra Surana as saying that the company intends to raise the financing from selling Global Depository Receipts (GDRs), qualified institutional placement (QIPs) or redeemable preference shares. The transaction is to be completed in the next two-three months.
Surana Ventures has a solar module production capacity of 80 MW and is currently working on a 120-MW PV cell factory near Hyderabad. The new facility is to be operational by March 2015.
In addition, the Indian firm also has 20 MW of solar power plants and is developing a 5-MW facility. The construction of a 10-MW solar park in the state of Maharashtra is also among its plans, Surana told the newspaper.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.