Private equity firm Actis today said it will deploy USD 230 million to create an India-focused renewable energy platform 'Ostro Energy' and appointed Ranjit Gupta as the chief executive of the platform.
"Ostro Energy's first project is Tejuva, a 50.4-mw wind project, already under construction in the Jaisalmer district of Rajasthan. On completion, the platform aims to provide 800 mw of capacity across several states by 2019," the company said in a statement.
This is the fifth such energy platform that Actis has created recently, following Globeleq Meso America in Central America, Zuma Energia in Mexico, Aela Energia in Chile and Atlantic Renovaveis in Brazil.
Since 2002, the firm has deployed in excess of USD 1.9 billion in 27 energy transactions, across 21 countries, providing energy access to over 30 million people.
"With shortages of coal and gas, plus the environmental and social challenges associated with hydro and thermal projects, renewable energy is fast becoming critical to the energy supply equation in India. We are delighted to help extend and diversify India's wind energy footprint, drawing on our deep understanding of both India and the energy sector," Actis Partner and Co Head Torbjorn Caesar said.
