Wind energy sector gets $184m VC funding in Q1

Sector sees a vibrant year in terms of funding both in India and abroad

The wind energy sector in India continues to attract venture capital (VC) funding. In the first quarter of the calendar year 2014, the sector has received around $184 million funds and project commitments for 164.4 MW. The sector, both in India and abroad, had seen a vibrant and strong year in terms of VC funding, M&A transactions and debt funding in 2013.

In India alone, there were 14 major transactions with deal value touching over $600 million. Of this, the disclosed deal value was worth $569 million.

The latest report from Mercom Capital group, a global clean energy consulting company, said in the first quarter of 2014, there were 164.4 MW new project announcements in India. The major project financing transactions in the sector in India in the first quarter of 2014 included the Continuum Wind Energy and Rayala Wind Power deal.

“Continuum Wind Energy, through its subsidiary surajbari windfarm development, raised $144 million project financing from IFC and a group of syndicate lenders for construction and development of two wind power projects in Madhya Pradesh. Similarly, Rayala Wind Power, a project developer, secured $39.7 million funding from the Central Bank of India, Infrastructure Development Finance Company and Indian Renewable Energy Development Agency for development, construction and operation of a 50 MW wind project in Andhra Pradesh,” the Mercom report said.

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