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.
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