Hyd's NSL Renewable Power raises $5 mn from IFC
To support the development of wind and hydro power NSL Renewable Power (NRPPL), part of the Hyderabad-based NSL Group, has raised $5 million from International Finance Corporation (IFC) through compulsorily convertible debentures (CCDs). This second round of funding follows a $20 million investment that IFC made in the company in 2011.
The money raised from IFC will enable NRPPL to double its power generation capacity over the next 18 months. IFC’s financial support and expertise in the renewable energy sector will have a strong demonstration effect and encourage other investors to invest in NSL Renewable Power.
Its strategic partnership will help the company transition from a medium-sized market participant to a domestic market leader and over time, become an investor and developer in other emerging markets, said M Prabhakar Rao, chairman of the NSL Group.
Thomas Davenport, IFC director for South Asia said that the investment will help address power scarcity and contribute to climate change mitigation. IFC’s support to NSL Renewable Power will also help the company benchmark its environment and social standards to global best practices. This is the third time that the renewable energy firm is raising money since January this year.