Suryachakra Power To Raise Funds From PE Investors
Suryachakra Power Corporation Ltd is talking to PE players to raise funds for its $438 Mn Phase I expansion plan. Suryachakra is also in the process of raising $100 Mn through a FCCB offer to achieve financial closure for its ongoing projects.
The phase I expansion plan of the company includes a 300 MW coal based power plant in AP, a series of solar and biomass based projects.
Founded in 1999, SPCL is the flagship company of Suryachakra Group with interests in Power generation – renewable energy (biomass, Solar, hydro) and coal based, Engineering and Consultancy and Urban infrastructure development activities.
Hyderabad based - SPCL has also established 3 wholly owned subsidiaries for setting up of renewable energy (biomass) power projects and also acquired 51% stake in Sri Panchajanya Power Pvt Ltd, which is setting up a 9.8 MW Biomass Power Plant at Hingoli, Maharashtra.
SPCL has a 20 Mw diesel power plant in Andaman Islands, which is in operation since April 2003. It has also setup a 9.8 Mw biomass fuel based power plant in Chhattisgarh, through its subsidiary – Lahari Power & Steels Ltd.
Earlier in Dec’09, SPCL raised funds from Climate Change Investment II SA by selling 26.1% stake in Lahari Power & Steel Ltd.
Power sector has attracted a number of PE investors in the recent past. There were seven PE deals in this sector in 2009. Ind-Barath raised $100 Mn from Bessemer Venture Partners, Citi Venture Capital and Sequoia Capital in Oct’09, while Adani Power raised $78 Mn from Capital Trade & Private Investment Ltd in July’09.
Monnet Power Company Ltd is also negotiating with IDFC Project Equity to raise funds for its power plant, while Ideal Energy is also looking to raise about $125 Mn for power plant in Nagpur.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 07/01/10 | Suryachakra Power-Looking For PE | Private Equity | - | |
| 25/06/07 | Suryachakra Power Corporation Limited - IPO | IPO / Offerings | 16.66 | |
| 31/12/05 | Suryachakra Power - Opulent Venture Capital | Private Equity | Opulent Venture Capital | 0.70 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 02/05/12 | Private Equity | Looking For | Husk Power Systems Private Limited | - | Announced |
| 28/03/12 | M&A | STEAG GmBH | Hinduja National Power Corp. Limited | - | Announced |
| 22/03/12 | M&A | Korea Electric PowerCorp | Pioneer Gas Power Limited | 98.37 | Announced |
| 24/02/12 | M&A | Tecpro Systems Limited | Eversun Energy Private Limited | - | Completed |
Company |
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| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Suryachakra Power Corporation Limited | Mauktika Energy Private Limited Mangatayaru Manepalli |
Suryachakra House, Plot No:304-L-III,Road No:78 , Jubilee Hills , Hyderabad-500033. Andhra Pradesh, India. | www.suryachakra.in | |
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