Bloomberg News

Macquarie, SBI Invest in India’s Soham Renewable Energy

November 16, 2011

Nov. 16 (Bloomberg) -- Macquarie Group Ltd. and State Bank of India’s infrastructure fund agreed to invest 1.25 billion rupees ($25 million) in Soham Renewable Energy India Pvt., a Bangalore-based developer of small hydropower projects.

The funds will cover Soham’s equity requirements to complete five more hydropower projects by 2014 and also to start buying licenses for partly constructed or completed plants, the company said in an e-mailed statement.

It plans to raise debt from State Bank of India, ICICI Bank Ltd., Andhra Bank, Axis Bank Ltd., and IDBI Bank Ltd., it said.

Soham previously raised funds from New York-based hedge fund D.E. Shaw & Co.

--Editors: Stephen Cunningham, Baldave Singh.

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


Cash Is for Losers
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus