(Corrects figure in first paragraph to $100 million, clarifies that $40 million is part of $100 million in second paragraph.)
June 24 (Bloomberg) -- Nereus Capital Management LLC said it raised as much as $100 million from Northern Lights Capital Group LLC and the U.S. Agency for International Development for its India clean energy fund.
Northern Lights will contribute $100 million to Nereus Capital’s India Alternative Energy Fund, which includes a $40 million credit guarantee from USAID, Nereus Managing Director Jonathan Winer said in an e-mail.
The money will be used in the construction of as much as 400 megawatts of clean-energy capacity in India, according to a joint statement by Northern Lights and the U.S. agency. Potential investments include wind, hydropower and solar utilities, as well as large-scale energy efficiency projects.
India targets doubling renewable-energy capacity to about 60,000 megawatts by 2017 to help reduce blackouts and diversify generation away from fossil fuel-based power plants struggling with fuel shortages. Private equity-funded Indian wind and solar developers include Morgan Stanley’s Continuum Wind Energy Pte Ltd. and Kiran Energy Solar Power Pvt. backed by Bessemer Venture Partners, an early funder of Skype Technologies SA.
Nereus received $20 million last year from the International Finance Corp., the World Bank’s private financing arm, as part of a plan to raise $250 million. Winer declined to disclose the fund’s existing portfolio.
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