Green Infra Seeking $150 Million for Wind Farms, Considers IPO
Green Infra Ltd., an Indian wind-farm developer backed by IDFC Private Equity, is in talks with at least two investors to raise $150 million.
The funds raised will be used to increase generation capacity to 1 gigawatt from 295 megawatts in two years, Chief Executive Officer Shivanand Nimbargi said in a phone interview from New Delhi. The company may consider an initial public offering in 2015, he said.
India, the third-biggest wind market, is attracting investments as the cost of wind power declines and fossil-fuel imports increases, making renewable energy more competitive with coal. Developers’ bids in auctions for coal-fired power stations have ranged from $49 to $78 a megawatt-hour, compared with tariffs for wind farms between $66 and $105 a megawatt-hour, according to Bloomberg New Energy Finance.
Green Infra, which bought BP Plc (BP/)’s Indian wind-energy businesses in 2009, has 270 megawatts of wind farms and 25 megawatts of solar plants in the country, Nimbargi said. BP’s unit included about 100 megawatts of that total.
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