Bangalore, Karnataka India (PressExposure) November 08, 2011 -- SOHAM RENEWABLE ENERGY INDIA (P) LTD (SREIPL) announced that SBI MACQUARIE INFRASTRUCTURE FUND* invested Rs. 125 Crores in SREIPL's renewables platform. This is out of a total commitment of Rs. 375 Crores for the current and future projects to be implemented by the group.
SREIPL, the holding company of the Soham Group, had previously raised private equity from the D. E. Shaw group and has constructed and commissioned 2 hydro electric power projects and is working on developing 5 other projects. With the current investment from SBI Macquarie, not only will SREIPL complete its projects on hand but will also embark on acquiring licenses, acquiring partly constructed and fully commissioned projects.
While this investment will fully tie up the equity needs of the company, debt is expected to be tied up from leading institutions such as State Bank of India, ICICI, Andhra Bank, Axis Bank, IDBI, Syndicate Bank etc. some of which has already been sanctioned. The company hopes to complete the projects it has on hand and go through with its acquisitions by FY 2014.
Elaborating on the investment, Sanjith S. Shetty, Managing Director, SREIPL said "We are proud to have investors of the stature of the D. E. Shaw group and SBI Macquarie invested in our company. SBI Macquarie is one of the leading infrastructure funds investing and focused on India, and their in-depth understanding of the infrastructure sector as well as their commitment to green energy make them an ideal partner for our Renewable Energy business." Mr. Suchindra S Shetty, Director SREIPL said "Energy deficit that Karnataka and most of India is facing is a commonly known fact and we are proud that our power projects will contribute towards addressing that deficit, besides creating employment opportunities and augmenting the socio-economic development in all the areas where SREIPL's projects are coming up, through Soham Foundation, which as of today touches the lives on a daily basis, of over 6000 school going children in Rural India."
SBI Macquarie Infrastructure Fund is managed by a joint venture between the State Bank of India (SBI) and Macquarie Capital (Macquarie). IFC, a member of the World Bank Group, is a cornerstone investor in the joint venture.