Kotak Mahindra, EIB to Invest in India’s SolarArise
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Funds managed by the European Investment Bank and Kotak Mahindra Group will invest about 2 billion rupees ($33 million) in clean-energy developer SolarArise India Projects Pvt.
The financing by Kotak’s Core Infrastructure India Fund and the EIB’s Global Energy Efficiency and Renewable Energy Fund will allow SolarArise to proceed with plans for 250 megawatts of projects in India, Anil Nayar, one of the company’s three founders, said by phone today. SolarArise is in talks to raise an additional 4 billion rupees over the next six months from other investors, including pension funds, he said.