IFC and GEC stump up $11.5 mln for Indian clean-energy venture
World bank investment arm International Finance Corporation (IFC) and a fund managed by Global Environment Fund (GEF) are looking to invest up to USD11.5 million in Bangalore, India-based energy efficiency company, Kalki Communication Technologies.
The deal would include an initial investment of USD4.5 million and a further USD7 million through the second and third financing rounds. GEF will invest through its South Asia Clean Energy Fund. IFC is investing USD1.35 million in the first round of financing through a quasi-equity or convertible instrument.
Kalki provides standard-based control, communication and computing products to OEMs, system integrators and end users in the energy industry.
The IFC is also currently looking to set up a USD100 million Asian debt fund to help develop microfinance institutions in the region.