India

India

Actis launch 800MW development push in India

INDIA: UK-based renewables fund Actis has invested $230 million in an Indian subsidiary with the aim of building 800MW in the country by 2019.

Suzlon is set to supply its turbines to the Tejuva project
Suzlon is set to supply its turbines to the Tejuva project

The fund has launched Ostro Energy, which will be headed up for CEO Ranjit Gupta. It follows a number of similar offshoots launched in developing markets.

Actis said Ostro's first move is to acquire the 50MW Tejuva project in Rajasthan, central India. According to Windpower Monthly's data division Windpower Intelligence, Suzlon has a turnkey contract for the development.

The other Actis renewables subsidiaries are Globeleq Meso America in Central America, Zuma Energia in Mexico, Aela Energia in Chile and Atlantic Renovaveis in Brazil.

Speaking about the launch of Aela Energia (60% owned by Mainstream Renewables) in 2013, Actis director of energy Lucy Heintz said the company remained "resolutely an emerging markets investor" citing India as one of the markets it was looking to develop.

She said: "The Natural resources in these markets are much better than in Europe. On our wind farm in Costa Rica we have a 40% capacity factor. When you add that to turbine prices coming down and high oil prices - Uruguay relies on imports as does Chile - it becomes very compelling."

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