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Actis to invest $230m to create renewable energy platform in India

CTBR Staff Writer Published 12 February 2015

Private equity firm Actis said it will invest $230m to create a renewable energy platform in India.

Wind turbine

The company has appointed Ranjit Gupta as CEO of the platform, dubbed Ostro Energy, which is initially developing the 50.4MW Tejuva wind project in the Jaisalmer district of Rajasthan.

After completion, the platform intends to deliver 800MW of capacity across various Indian states by 2019.

The other energy platforms of Actis include Globeleq Meso America in Central America, Zuma Energia in Mexico, Aela Energia in Chile and Atlantic Renovaveis in Brazil.

Actis has invested over $1.9bn since 2002 in 27 energy transactions, across 21 countries, delivering electricity access to more than 30 million people.

Commenting on creating Ostro Energy, Actis partner and co head of energy Torbjorn Caesar said: "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.

"We are delighted to help extend and diversify India's wind energy footprint, drawing on our deep understanding of both India and the energy sector."

Gupta said: "Tejuva is a significant first step in helping Ostro Energy achieve its objective of becoming a leading wind power company in India.

"We are looking forward to working with Actis to bring the project to full capacity this year and grow the company's project pipeline to achieve our business plan objectives."

Image: Ostro Energy is initially developing the 50.4MW Tejuva wind project in Rajasthan. Photo: Courtesy of dan/FreeDigitalPhotos.net.