Virtuaal Infra Power (VIPL) today said it has entered into two compulsory convertible debenture (CCD) arrangements with Singapore-based InfraCo Asia Development with a total of USD 5 million to develop hydro projects in Arunachal Pradesh.
The signing of the joint investment and development agreements will also see InfraCo Asia make its first foray into developing projects within India's renewable energy sector, the company said in a statement here.
Virtuaal Infra has signed two CCD agreements of up to USD 1.8 million and USD 3.2 million with InfraCo Asia that will help the company develop two run-of-river small hydro projects in Arunachal Pradesh, it said.
"We will be producing 23 MW and 14.5 MW energy through its Keyi and Pareng hydro power projects, respectively, in the State. The association will be beneficial to both companies," Virtuaal Infra Managing Director Vikram Aggarwal said.
He said the association with InfraCo Asia will aid in further developing the projects undertaken by VIPL and strengthen the electricity supply in the north-east.
Commenting on the partnership, InfraCo Asia Chief Executive Allard Nooy said, "This association also marks our entry into the India market. It will enable us to sustainably develop projects within the country's renewable energy sector. We look forward to working with Virtuaal on the execution and implementation of these projects.
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