Green Infra plans to raise its generation capacity from the current about 300 megawatts (mw) to 1,000 mw by raising $150 million through investors.
The renewable energy firm is said to be in advanced talks with investors to raise the amount and expects to close the transaction over the next 30 days. The $150 million transaction is a structured fund raise, with debt and equity components.
The investors will include both local and global investment firms, said Shivanand Nimbargi, Managing Director and Chief Executive of the firm.
The funding will be separate from the $50 million debt facility that IDFC Private Equity-backed Green Infra recently received from International Finance Corporation (IFC), the private sector investment arm of the World Bank and Standard Chartered to build two solar power plants in the country.
By 2015, the company aims to become a 5,000 mw renewable energy firm with operating assets of 3,000 mw plus 2,000 mw in development. It will largely be through wind energy, followed by hydro, solar and biomass.
It is also working on off-grid applications as well as solutions for telecom towers and is looking at repowering of wind turbines, for which it is awaiting a clear policy. In the meantime, PE interest in energy firms was substantial in 2012, particularly for wind power development.