SunBorne Energy Holdings LLC, the Indian solar power company backed by billionaire Vinod Khosla, raised $5 million for project development.
“This is a part of our ongoing fundraising,” Chief Operating Officer Gagan Vermani said in an e-mail yesterday, without identifying the investor.
SunBorne won a contract to build a 10-megawatt solar-thermal project in India’s Karnataka state in April. It completed a 15-megawatt plant in Gujarat state in December.
The Gurgaon-based company may seek to raise as much as $20 million, according to a filing with the U.S. Securities and Exchange Commission.