Orient Green Power, a renewable energy services provider, has raised $55 million for setting up and acquiring power generation assets based on renewable sources.
The fund raising was led by Olympus Capital Holding Asia, which invested $35 million, while Shriram EPC (SEPC) and Bessemer Venture Partners (BVP) have invested $10 million each.
OGPL was founded by SEPC along with Bessemer Venture Partners, with the objective of owning and operating a portfolio of renewable energy projects.
With the completion of this round of funding, the company has access to $75 million of equity, including funds raised earlier from BVP and SEPC, Shriram EPC said in a filing to the Bombay Stock Exchange.
This will provide Orient Greeen Power (OGPL) with the capital to implement its operating plan of setting up and acquiring power generation assets based on renewable sources including biomass, wind and biogas, the filing added.
"We remain solidly convinced about the business prospects of renewable energy ventures" SEPC Managing Director and founder of OGPL T Shivaraman said.
Olympus Capital Holding Asia is an independent investment management firm focused on long-term equity investments in companies operating in Asia and Beeemer Venture Partners is a venture capital firm, the company said.