Bloomberg News

India’s Kiran Gets Funding From Solyndra-Backer Argonaut

October 25, 2011

(Updates with New Silk Route details in sixth paragraph.)

Oct. 25 (Bloomberg) -- Kiran Energy Solar Power Pvt., an Indian developer of sun-powered plants, raised $50 million from three private equity firms, including Argonaut Ventures, which invested in the failed U.S. panel maker Solyndra LLC.

Bessemer Venture Partners and New Silk Route Partners are the other investors, Kiran Energy founder Ardeshir Contractor said in an interview in Mumbai.

Kiran Energy is setting up a 20-megawatt solar plant in the western state of Gujarat that is using panels made by Sharp Corp. and getting financing from State Bank of India and Mizuho Financial Group Inc., Contractor said.

Another 5-megawatt plant in Rajasthan is using panels on trackers supplied by SunPower Corp. The engineering contractor for the project is the solar unit of Mahindra Group, he said.

Mumbai-based Kiran Energy was founded last year by Contractor and Alan Rosling, a former director of Tata Group, where he aided overseas acquisitions including steelmaker Corus Group Ltd. and the car companies Land Rover and Jaguar.

New Silk Route was co-founded by former Goldman Sachs Group Inc. director Rajat Gupta and Parag Saxena, who is currently chief executive officer of the firm.

--Editors: Randall Hackley, Reed Landberg

To contact the reporter on this story: Natalie Obiko Pearson in Mumbai at npearson7@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net


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