Auro Mira Energy Company (AME), a clean energy firm, today said it has raised $21 million by selling a minority stake to a consortium of private equity investors to fund its expansion plans.
The company has raised the amount through its second round of institutional funding by a consortium of PE investors comprising of Aureos South Asia Fund, World Bank Group member IFC and ePlanet Ventures, it said in a statement.
Auro Mira was founded in 2005 with funding support from a PE Fund advised by Baring India and has currently two sites in India generating renewable energy using biomass for sale to corporates across the country.
The company has aggressive expansion plans and has commenced four new renewable energy projects in small hydro and biomass sector to attain 100 Mw generation capacity by 2012.
It currently has two operating biomass projects of 7.5 Mw and 10 Mw size.
The investment by the three private equity investors would enable Auro Mira to complete these projects as well as acquire land and licences for further new projects, the statement added.
"The exploding potential for renewable energy holds enormous opportunity for Auro Mira. The company is well poised with demonstrated project management capability, operational performance & profitability including revenue from carbon credit," Auro Mira Energy Company Founder N Srinivasan said.
This investment by IFC Washington, Aureos & ePlanet recognises AME's achievements and will greatly support the future growth plans," he added.
