Asian Development Bank boosts support for clean energy development

MANILA -- The Asian Development Bank (ADB) said Monday it would infuse 40 million dollars into two private equity funds that target promising green companies and projects in the region.

The Manila-based bank said its Board of Directors approved equity investments of 20 million dollars each in the Clean Resources Asia Growth Fund and the Renewable Energy Asia Fund.

The Clean Resources Asia Growth Fund, sponsored by Asian brokerage firm CLSA Capital Partners, aims to invest in companies engaged in clean energy-related operations.

The target fund size is 200 million dollars, mainly focused on China and India, the bank said.

The Renewable Energy Asia Fund, managed by Britain's Berkeley Energy, seeks out renewable energy projects in India, the Philippines and other South-East Asian countries.

The fund, which expects to make investments ranging from 5 million euros (6.6 million dollars) to 25 million euros, has a target size of 150 million euros, the bank said.

"ADB's participation in these funds will help them achieve their target fund size and provide confidence to private investors to come on board," said M Shin Kim, head of private equity in the bank's Private Sector Operations Department.

"It will also aid capital markets development by filling a financing gap and encourage support for other private equity funds interested in the sector," he added.

The bank noted that Asia's booming economies and surging demand for clean energy were making the region one of the most attractive destinations in the world for environmentally friendly investments. It cited China, India and the Philippines as among the most promising economies.

Asian Development Bank boosts support for clean energy development

The Asian Development Bank (ADB) said Monday it would infuse 40 million dollars into two private equity funds that target promising green companies and projects in the region.

The Manila-based bank said its Board of Directors approved equity investments of 20 million dollars each in the Clean Resources Asia Growth Fund and the Renewable Energy Asia Fund.

The Clean Resources Asia Growth Fund, sponsored by Asian brokerage firm CLSA Capital Partners, aims to invest in companies engaged in clean energy-related operations.

The target fund size is 200 million dollars, mainly focused on China and India, the bank said.

The Renewable Energy Asia Fund, managed by Britain's Berkeley Energy, seeks out renewable energy projects in India, the Philippines and other South-East Asian countries.

The fund, which expects to make investments ranging from 5 million euros (6.6 million dollars) to 25 million euros, has a target size of 150 million euros, the bank said.

"ADB's participation in these funds will help them achieve their target fund size and provide confidence to private investors to come on board," said M Shin Kim, head of private equity in the bank's Private Sector Operations Department.

"It will also aid capital markets development by filling a financing gap and encourage support for other private equity funds interested in the sector," he added.

The bank noted that Asia's booming economies and surging demand for clean energy were making the region one of the most attractive destinations in the world for environmentally friendly investments.
It cited China, India and the Philippines as among the most promising economies.

Greenforce Enviro forms JV with German firm Gehrlicher

 German company, Gehrlicher Solar AG and Greenforce Enviro Pvt Ltd today announced that they have formed the joint venture company-Gehrlicher Solar (India) to offer EPC and other services for solar power plants in the country. 

Mumbai-based, Gehrlicher Solar (India) has drawn up business plan for the Indian market through its joint venture. As per the shareholding pattern, Gehrlicher Solar AG, Germany will hold 51 per cent while Green Force Enviro will hold 49 per cent stake in the new joint venture, a company statement said here. 

The current investment works out at about USD five million, the release said. 

The solar project is being planned as a response to the recently announced Jawaharlal Nehru National Solar Mission by the Government of India. The policy envisages installation of Solar Power Plants to achieve 20,000 MW capacities by 2020, thus offering a huge opportunity in the field. 

Gehrlicher Solar AG is a leading German company operating in the field of solar photovoltaics. The company designs, constructs, finances and operates photovoltaic plants and also offers photovoltaic modules and components.

$175 million worth deals on clean energy signed with US

Even as India and the U.S. on 08-11-2010 inked an agreement to establish a bilateral energy cooperation programme to promote clean and energy-efficient businesses, Indian and U.S. companies inked joint venture deals worth $175 million in the renewable energy sector. According to the Assistant Secretary of Commerce and Director General for the Foreign Commercial Service at the U.S. Department of Commerce, Suresh Kumar, the partnership between the two countries in the renewable energy sector was all set to take a huge stride. "India provides biggest opportunities in the renewable energy sector and the Jawaharlal Nehru Solar Mission 2020 is an initiative which the U.S. companies would like to be part of. Around 35 U.S. companies recently participated in the Delhi Renewable Energy Conference and exhibited their technology and products,'' he remarked.

Sounding upbeat on the future of the relationship between Indian and U.S. companies in the renewable energy field, Mr. Kumar said a dozen-odd joint ventures had been signed between companies of the two countries totalling around $175-million worth of business in the renewable energy sector where the U.S. had the hi-tech technology to fuel the growth in the energy sector to meet the rising demand of the growing Indian economy.

U.S.-based Ascent Solar and The Energy and Resources Institute (India) have entered into a memorandum of understanding (MoU) to collaborate on off-grid solar charging solutions for rural electrification using Ascent solar modules. Nearly $15-30 million in U.S. exports are projected under this pact. Similarly, the other agreements include U.S.-based Team Sustain and UB Engineering Limited (India) signing an MoU to collaborate setting up large grid tie solar photovoltaic power plants in India which could generate business to around $84 million in U.S. exports. Azure Power (U.S.) and the Gujarat Energy Development Agency (India) have announced an investment of $40 million for a 15 MW solar power plant in Gujarat, a deal which could generate around $24 million of U.S. exports. Ice Solar (U.S.) and Race Power (India) have signed an MoU to collaborate on setting up a solar photovoltaic project in Rajasthan which could generate business worth $15 million in U.S. exports. On the other hand, the India-U.S. Energy Cooperation Programme will mobilise private sector expertise and resources.