New Energy World Network: Connecting Investors, Innovators & Deal-Makers worldwide

Essential industry insights

cleantech --- renewables --- sustainability


Indian renewable energy generation company Orient Green Power raises $55m in funding

26 Nov 2008

T Shivaraman, founder of OGPL and managing director of SEPC
Indian renewable energy generation company Orient Green Power has raised $55m in its third round of funding, led by investment management firm Olympus Capital Holdings Asia, which is investing $35m. Other investors include US venture capital firm Bessemer Venture Partners and renewable energy service provider Shriram EPC, investing $10m each.

With the completion of this round of funding, the company has access to $75m of equity, including funds raised earlier from BVP and SEPC. The latest equity infusion will provide OGPL with the capital to implement its operating plan of setting up and acquiring power generation assets based on renewable sources including biomass, cogeneration, wind, small hydro and biogas, the company said.

OGPL currently operates biomass and wind energy assets with a capacity of 70 MW. This includes two 7.5 MW biomass plants in Tamil Nadu and Rajasthan and multiple wind farms in Tamil Nadu and Andhra Pradesh. It is currently implementing projects of a capacity of 146 MW and plans to install or acquire renewable energy assets of a total capacity of 500 MW over the next five years, according to a statement.

Gaurav Malik, managing director, Olympus Capital India, said, ‘OGPL has the depth and domain expertise needed to capitalise on the significant and growing opportunities in the renewable energy sector in India. The company offers a strong platform for the consolidation of renewable assets in a country that is short of power. With a strong mandate from our global investor base to invest in the environmental sector in India and other parts of Asia, even in this extremely difficult global scenario, Olympus Capital is pleased to partner with SEPC and BVP in making this investment.’

Rob Chandra, BVP’s managing partner, added, ‘OGPL started as an idea with Shriram EPC two years back and since then we have come a long way to become one of India’s leading clean energy generation companies. BVP continues to be committed to OGPL and Shriram EPC and are delighted to have a new partner in Olympus Capital.’

T Shivaraman, founder of OGPL and managing director of SEPC, said, ‘We remain solidly convinced about the business prospects of renewable energy ventures. Toward that end we have invested tremendous financial and human resources to establish a versatile and robust operating model, and I am glad to share that we have already made noticeable on-the-ground progress in this direction. We believe that we are on the cusp of the next growth wave and would like to be prepared to establish a sizeable footprint in this area.

‘I believe that renewable energy truly represents a win-win opportunity for both society and business, creating a real long term value proposition for all its stakeholders. Though there are short-term challenges that seem accentuated in the current economic environment, from a medium to long-term viewpoint the prospects are outstanding,’ he added.

OGPL was founded by SEPC in October, 2006 along with Bessemer Venture Partners, with the objective of owning and operating a portfolio of renewable energy projects.

SEPC provides design, engineering, procurement, construction and project management services for renewable energy projects, process and metallurgical plants and municipal services sector projects throughout India.

Olympus Capital Holdings Asia is an independent investment management firm focused on Asia. The firm’s principal investment focus is environmental services, including renewable energy, waste management, water treatment, energy efficiency, pollution control and prevention, and carbon programmes.

Established in 1911, Bessemer is the longest standing venture capital practice in the United States and over the past 100 years has made investments in hundreds of rapidly growing companies, many of which have gone on to become household names such as Skype, Verisign, Veritas, Staples, Ingersoll Rand, W.R. Grace and the Gartner Group. Since 1970, more than 120 companies that BVP has invested in have gone public. Over the past 100 years and continuing into the future, the hallmark of Bessemer has been to provide long-term stable capital with value-added services to innovative individuals that have created many of the world’s leading companies.

BVP has been an active investor in India since 2004. Bessemer India has 11 investment professionals across two offices in Mumbai and Bangalore.

Copyright © 2008 newnet

Tags: , , , , ,

Related Posts

One Response to “Indian renewable energy generation company Orient Green Power raises $55m in funding”

  1. Mr. Nazeer baasha says:

    On behalf of our company, we render our heartfelt thankfulness for your efforts initiated for the welfare of our nation. At this juncture, we came to know that your venerated governance is promoting the renewable energy technologies in all scale implementation which are highly appreciable for your service.

    The prime objective of our company is “GREENING INDIA” approaching mitigation of carbon emissions to atmosphere which prevents Global Warming and Ozone Depletion by harnessing energy from biomass and agro-wastes through gasification for thermal and power applications. This approach eliminates the SOx emissions and reduces NOx emissions with CO2 neutrality process which covers under Clean Development and Management (CDM) programme. Our company has signed an MOU on technological partnership with Institute for Energy Studies, Anna University-Chennai, India (December, 2009). We are targeting to evaluate the viability of biomass around our state to be used for integrated product development through gasification process. We have been successfully in design, fabrication and supply of industrial gasifiers for thermal and power applications. We have a partly equipped engineering unit at Maraimalai Nagar, Chennai in which the production, assembling and surface lining of biomass gasifiers is done. We have submitted the test cum performance certification of our developed gasifier from Bio-Energy Centre, School of Energy Environment and Natural Resources, Madurai Kamaraj University-Madurai. The sanctioned letters for “Approved Manufacturers and Suppliers for Biomass Gasifier on Thermal and Power mode” is received from Tamil Nadu Energy Development Agency (TEDA), Chennai (April, 2010). Further, we have also registered our firm as an approved gasifier manufacturer in Ministry of New and Renewable Energy (MNRE), New Delhi through TEDA to market our developed technology for various applications and sanction the valid subsidy for the implemented models of Biomass gasifier (May, 2010). Our Gasifier based Jaggery plant is successfully running at Alappakkam village, Kancheepuram District, Tamil Nadu, India for production of Jaggery. With confidence gained after six month successful operation on continuous mode of our indigenously designed and developed biomass gasifier, we harnessed multiple orders of around 30 numbers for both thermal and power mode applications. At this juncture, we are commissioning four models by first week of next month in various applications such as Jaggery, Dying and MgSO4 Processing plant.

    We have harnessed few work orders on Biomass Gasification both thermal as well as power. Further, around 20 offer letters from various clients received for Biomass Gasification both thermal as well as power are submitted for availing subsidies from MNRE through TEDA. Hence, with all the above information submitted, we are keen in developing perfect system for Gasification based units and strive to sustain with the projects.

    Our NSPGE Company comprises wits of proficient scientists, adept engineers in all streams and a complete project engineering team which would help to finish the task allotted efficiently. Our efforts are deployed to maintain user friendly ecologically sustainable projects to lead the world to utilize renewable energy by growing trees in waste land. This will avoid carbonaceous mass use and endure greening of India to show the world we are second to none in eco-friendly approach. Thus, our state can grow more trees to reduce carbon emission to atmosphere as advocated in Copenhagen by our Honourable Prime Minister of India. So, we kindly request you to join hands in harnessing the betterment and advancement of operational parameters on Bio-Energy Technologies of these directions might throw lime-light on the development. Our company’s management accepts and admits to join with your dynamic and vibrant responsibility on your targets and vision. We are looking forward for your long term co-operation.

    As we are starving for funds holding with finest technological developments in our hands, it will be extreme ecstasy for us to find your kindness in considering our request for rendering funding support for our company in the days ahead with your accolade Governance. So, we would very much appreciate if you could harness the potential funding supports to work with your visionary approach. On behalf of NSPGE family, I once again wish to render my heartfelt thankfulness to you for giving us such an astounding opportunity and further seek you to embark a precise exposure of our technology to the world.

Leave a Reply

You must be logged in to post a comment.

Legals & Terms of UsePrivacy & Cookies Policy

NewNet is a trading name of New Energy World Network Ltd, registered in England (No. 06695690).
Registered Office: Zetland House, 5-25 Scrutton St, London EC2A 4HJ
Content is © New Energy World Network (NewNet) 2008-2014