India’s Caparo Energy raises $78.5m, wants more
Independent India-based wind energy project developer, Caparo Energy, will look to raise a further USD33.5m in financing, after closing USD78.5m to expand its portfolio, according to NewNet
Caparo CEO Ravi Kailas, said that India's wind industry was poised for growth, representing a great investment opportunity. The company is looking to install a capacity of 5-GW by 2017
"India is in a transformational stage right now, it is moving to the energy generation side, and we are one of the companies leading that change, Kailas told NewNet.
In October 2010, the company raised USD80m on an initial public offering carried out on London's AIM market in order to achieve its goal of installing a gigwaty of wind capacity by 2013.
Kailas said it then decided to carry out an innovative finance mechanism, through the form of a preference stock with a six-year term. The first tranche of this closed on USD78.5m with the second stage expected to close imminently.
The company has already signed major turbine supply deals with both Suzlon Energy and Gamesa, with this additional capital funding an extra 400MW order agreement with delivery expected by March 2012.