ADB invests $30 million equity in NSL Renewable Power
Asian Development Bank on May 1 stated that it has made its first equity investment, to the tune of $30 million, in NSL Renewable Power for funding the company's clean energy projects. ADB plans to increase its investments in the company and also in country's renewable energy space in future.
The multi-lateral funding agency is now a shareholder in NSL Group. It has picked up equity for the first time and the option of increasing the stake is open to it, it would depend on the sector's performance, said Jo Yamagata, Deputy Director General, Private Sector Operations Department, ADB said in Delhi.
This is ADB's first equity investment in a private sector renewable project, Yamagata added. Hyderabad-based NSL Renewable Power, part of the NSL Group, will use the investment proceeds to partially finance the construction of its 100 mw Tidong run-of-river hydropower project in Himachal Pradesh and the 75 mw Chilarwadi wind project in Maharashtra area.