The new solar power platform will bid for projects tendered at national and state auctions, with the intent to develop and operate utility-scale solar power plants that can provide clean and cost-effective electricity to the national grid across several key states. "The gap in energy infrastructure in growth markets translates into a long-term and sustainable investment opportunity. Renewable energy is set for explosive growth thanks to technological advances, favorable policies and pricing structures that make it a competitive alternative to conventional power generation," said Sev Vettivetpillai, partner and global head of Abraaj's Thematic Funds Business.
Dev Bhattacharya, Business Head, Group Corporate Strategy, Solar Power & E-Commerce, Aditya Birla Group, added, "Aditya Birla Group supports the Government of India's initiative for a greater share of renewables in the energy mix, essential for sustained economic and industrial growth. This cooperation will give a fillip to Aditya Birla Group's renewable energy initiatives and contribute to reducing the carbon footprint of India as a whole."
The Abraaj Group has made 10 investment totalling to some $1 billion in global growth markets. Dubai-based Abraaj is a private equity investor investing in Africa, Asia, Latin America, the Middle East, and Turkey. The Group currently manages $9 billion across regional, sector and country-specific funds.