Global VC funding in wind sector rebounds in Q1 of 2013

Global venture capital funding in the wind sector rebounded in the first quarter of 2013 with flow of $ 16 million through three deals, says clean energy communications and consulting firm Mercom Capital Group.

     

In India, funding and M&A activity in wind energy sector in the first quarter of 2013 was active with transactions in project, debt and other funding as well as project M&A, the report added.

     

The report analysed funding on the basis of four categories: project funding, VC funding, debt funding and others.

     

In the project funding category, the notable Indian transactions include Continuum Wind Energy receiving $ 164-million loan from State Bank of India for 175 MW wind project in Maharashtra.

     

Another is Gujarat Venture Finance picking up an equity stake in a special purpose vehicle of UK-based SITAC group. The SPV has been formed to execute a 50 MW wind project of around $ 47 million in Gujarat.

     

In the debt funding category, Suzlon raised $ 647 million in a bond issue by State Bank of India and JPMorgan Chase and in other funding an affiliate of the Government of Singapore Investment Corp (GIC) has agreed to invest around $ 150 million into Greenko's Mauritius division  funds that will be deployed into Indian utility-scale wind and hydro projects.

     

There were four M&A transactions in the first three months of this year, amounting to $ 543 million, out of which three were disclosed.

     

In India, notable project M&As include Mytrah Energy's acquisition of 59.75 MW of wind projects in Tamil Nadu and Maharashtra for an undisclosed amount and Bharat Light & Power's acquisition of 150 MW wind projects in Gujarat from DLF for $ 53 million, the report said.