Piramal Enterprises, APG Asset Management pump $132 mn in Essel Infra's solar arm

Green energy arm of Essel Infra bagged $132 million from Piramal Enterprises Limited through its Structured Investment Group and Dutch pension fund asset manager APG Asset Management.

As part of the transaction, Piramal Enterprises Limited (PEL) and APG Asset Management (APG) will jointly invest $132 million (Rs 900 crore) in Essel Green Energy Private Ltd, the solar platform vehicle of Essel Infraprojects Ltd. The company currently owns 160 MW of solar independent power projects in 4 states of India, of which, 110 MW is operational and 50 MW is currently under execution.

"The strategic alliance formed in 2014 between PEL and APG committed US$1 Billion for investments in infrastructure companies and we see great potential in green energy as a segment. Given the Government's focus on non-conventional energy and Essel Infra's strong track-record, we are confident that the investment will yield good results", said Jayesh Desai, Co-head, Structured Investments Group- Piramal Enterprises Ltd.

Hans-Martin Aerts, Head of Infrastructure Investments Asia Pacific at APG said: "We view India as an attractive renewable energy market with favorable growth dynamics. APG is a strong supporter of increased investments in sustainable energy generation. We are pleased to support Essel Green Energy in growing its portfolio of solar projects and to contribute to meeting India's renewable energy targets."

Essel Infraprojects Limited CEO & Whole Time Director, Ashok Agarwal said: "Essel Group has ambitious plans to expand its foot-print in the Green Energy field. With the impetus provided by the Central Government to solar energy we are upbeat about the outlook for the industry. APG and Piramal Enterprise's trust in us, demonstrated through this investment makes us even more confident of powering the development agenda of an India on the move."