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Indian biomass-based energy company Punjab Renewable Energy Systems has raised private equity investment from Shell.
Asset management firm responsibility was the first to invest during the company’s Series-A in September 2013, followed by a Series-B investment from Neev Fund in April 2019. With this follow-on investment by Shell, the company’s Series-B round stands fully subscribed and closed with an investment of Rs 55 crore.
Punjab Renewable is a pioneer in this sector with a good repository of biomass assessment, refined processes for biomass aggregation and logistics, O&M and BOOT contracts with reputed industries as long-tenor Steam Purchase Agreements (SPA).
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