Equis Funds Group is planning to invest in LNJ Bhilwara Group’s holding company – Bhilwara Energy Limited. The fund is planning to acquire stake at holding company level and for individual projects.
This January, Bhilwara received R663 Cr from a consortium of Indian and Nepal Banks for its 120 Mw hydroelectric project in Nepal.
BEL is a holding company which invests and develops all hydro and other renewable projects of the LNJ Bhilwara Group.
Other investors in BEL includes, India Clean Energy III, IFC,Wachovia, Jacob Ballas and New York Life Investment Fund.
BEL holds 51% equity stake in Malana Power Company Limited (Kullu), a JV with S N Power, Norway and holds 45.9% in A D Hydro Power Limited (Manali)
Last year, IFC invested $15Mn in BEL to develop, own and operate a 51 MW wind farm in Kukudwad village, in Maharashtra.
Singapore based Equis Funds Group is an independent Asian funds management group with a focus on Asian infrastructure and energy opportunities. Equis has offices in Chengdu, Hong Kong and Bangalore.
In the space, AMP Capital Asian Giants Infrastructure Fund acquired minority stake in Hyderabad based Shalivahana Green Energy for around $29 Mn, while India Bulls sold two Hydro electric generation projects to CESC Limited.
Lanco Infratech was planning to exit its Hydropower generation business to reduce its debt level and was in talk with Norway based-SN Power for the divestment.