Soham Renewable Energy India, a hydel power plant developer supported by DE Shaw, a New York-based Hedge Fund Company, is to arrange funds amounting to $60 million from the Macquarie SBI Infrastructure Fund.
Macquarie, one of the highly active PE firms during the previous year had made an investment of $600 million in infrastructure for three deals. Its transactions included a $300 million deal to purchase 11% stake in Viom Networks, which is a confluence of Tata Teleservices and the Quippo Telecom Infrastructure in 2010.
$15 million was invested by the D E Shaw group in 2008 in Soham Renewable Energy India for financing its expansion proposal during the next five years. Commitments have also been obtained from a Connecticut, USA-headquartered fund, FE Clean Energy Asia, which included three active funds in Singapore, Eastern Europe and in Latin America.
This power producing company is at present in the process of implementing a mini hydel project on the Cauvery River in Mandya District, Karnataka, the Mahadevapura Mini Hydel Scheme. This project comprises of an intake channel, a gated weir, tail race channel, power house and a 66 kV transmission corridor. All permits and necessary clearances have been acquired. It is also going to implement a 17 mw mini hydel power unit at Mudabidri in the Dakshina Kannada District. Seven other projects are also being planned in the Karnataka state. With a growing economy, India’s energy demands would also grow rapidly and surpass the supply and hence the increasing dependence on overseas investors and private local players for expansion of the infrastructure and renewable energy projects.