Renewable Energy News in India
EverSource to back renewable firm of ex.Ostro Energy executives
MUMBAI: EverSource Capital, the green infrastructure JV between PE fund Everstone Group and UK-based Lightsource BP’s Eversource Capital, is ready to back the new renewable energy platform launched by former executives of Ostro Energy.
Ranjit Gupta and Murali Subramanian, former CEO and COO, respectively, of Actis LLP’s Ostro Energy, will raise about $100-150 million from EverSource by selling a controlling stake in the new platform, said two people familiar with the developments.
Ostro Energy, set up by UK based PE fund Actis LLP in 2014, was sold to Renew Power in 2018 at an enterprise value of $1.6 billion (Rs10,800 crore).
Gupta and Subramanian have played key roles in building the Ostro platform from 50 MW capacity to 1.1 GW in four years. The duo, who worked together at Indiabulls Power Ltd, co-founded Ostro Energy with investment from Actis in July 2014. Actis which had invested $280 million under Ostro and built a capapcity of 1100 MW renewable energy of which 860 MW was commissioned by March 2018.
Renew Power was also launched in 2011 in a similar way as a renewable energy startup, set up by former C ..
News Date: 26-Oct-2018
News Source: https://economictimes.indiatimes.com/industry/energy/power/eversource-to-back-renewable-firm-of-ex-ostro-energy-executives/articleshow/66372963.cms