Hyderabad: NSL Renewable Power Pvt. Ltd (NRPL), a part of the Hyderabad-based NSL Group, will a receives a $40 million investment from private equity firm FE Clean Energy Group that it will use to increase capacity in wind, hydro and solar power projects, the company said on Monday.
NRPL didn’t specify the size of the stake it’s selling in return for the investment.
After separating from Nuziveedu Seeds Pvt. Ltd, the flagship company of NSL Group, NRPL has been seeking to raise capital to fuel its growth. The company has 162 MW of installed capacity in renewable energy including 150 MW of wind power and two bio-mass plants of 6 MW each.
NRPPL is also constructing two medium scale hydro power projects (100 MW and 44 MW) and two small scale hydro power projects (5 MW and 6 MW) in Himachal Pradesh.
“This investment will enable the company to ramp up capacity and facilitate further fund raising to achieve our vision of being a 1,000 MW Company by 2015 in the renewable energy space,” said Prabhakar Rao, chairman of NSL Group, in a statement released here.