Atria Power in talks to raise $100 million in structured debt from Piramal
- Indian Oil, BPCL may buy 26% stake each in GAIL
- Trai to revamp mobile number portability process
- 5 of family killed in Pakistani shelling in Jammu and Kashmir’s Poonch
- Facebook critics want regulation, investigation after data misuse
- Kejriwal’s apology to Majithia a bid to reduce defamation burden: Amarinder Singh
Mumbai: Atria Power Corp. Ltd, a Bengaluru-based renewable power producer, is in talks with Piramal Group to raise structured debt worth $100 million, two people aware of the development said.
Atria, which is backed by marquee investor GE Energy Financial Services, an affiliate of General Electric Co., is seeking to expand capacity and repay investors with the proceeds, one of the two said on condition of anonymity.
The finance will be extended by Piramal Enterprises Ltd’s structured finance group (SFG).
Atria Power runs wind, hydro and solar power projects.
Its wind power projects include a 50 megawatt (MW) plant at Kukru, Madhya Pradesh; a 25.5MW unit in Andhra Pradesh; and a 50MW plant at Kayathar, Tamil Nadu.
It generates 46.6MW from mini hydro power plants in Shimsha, Shivanasamudram, and Krishna Raja Sagara in Karnataka.
Upcoming solar energy projects are a 20MW plant in Ryapte, and a 10MW plant near Pavagada.
Both of these solar energy projects are in the southern state of Karnataka.
In October, Atria awarded an engineering, procurement and construction (EPC) contract for a 130MW solar projects in Karnataka and Andhra Pradesh to Spain-based renewable energy developer Gamesa Corporación Tecnológica, SA.
Piramal Enterprises Ltd has provided $120 million worth structured financing to solar power producer ACME Solar Energy Pvt. Ltd and $132 million to Essel Infrastructure Ltd’s solar platform through its various funds.
Its structured finance group, the non-real estate lending business, has assets under management worth Rs35,000 crore, which includes gross outstanding loans and third-party funds under management.