Solar Energy Firm Clover Solar Is Looking For PE Funding
Solar Energy provider 
Clover Solar Pvt Ltd (CSPL) is looking to raise Rs.50 Cr through private equity by diluting around 25% stake to fund its solar power projects . The deal will value CSPL at around Rs.200 Cr.
It is making a Rs.300 Cr investment over the next two-years to set up 25 MW of solar power plants pan-India.
The project will begin with a 2MW plant at Supa near Pune at a cost of Rs.35 Cr, which it hopes to get operational by March 2011 and which will be funded through a mix of debt and internal accruals.
It has entered into a MoU with NTPC Vidyut Vyapar Nigam Limited (NVVN), a subsidiary of NTPC, under the Jawaharlal Nehru National Solar Mission (JNNSM) to set up this 2MW plant near Pune.
The remaining project will be in phases of 5MW to be completed by 2014 and is eyeing tie-ups with captive power producers, especially in the metals and heavy industries segments.
Transaction Reference: BS
Incorporated in 2007, CSPL, a subsidiary of Clover Technologies Pvt Ltd, is a total turnkey solution provider, consultant to solar photovoltaic projects and a system integrator for off-grid and on-grid solar projects. CSPL is also keen in promoting awareness for solar energy to remote areas.
Apart from 25 MW of project, Clover Solar also intends to implement solar power projects for others.
CSPL has plans to adopt a village and develop it as a solar village with solar home light, street light, pumping, water purification systems etc.
Clover Technologies Pvt. Ltd, the parent arm of CSPL was founded in 1995 by Mr. Javed F. Tapia. It also has Clover Infotech and Clover Realty under its arm.
Recently, Applied Solar Technologies received $2 Mn funding from Bessemer Venture Partners and IFC. In the past IFC has invested in several cleantech companies including Bhilwara Energy, Azure Power and Auro Mira Energy Company.
There have been investments in the cleantech space in India in the recent past. IDFC PE invested $75 Mn in Green Infra Ltd in Aug’09.
Earlier in Aug’08, Moser Baer Photovoltaic, which is engaged in manufacturing photovoltaic cells also raised about $400 Mn from PE investors.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 30/08/10 | Clover Solar - Fund Raising | Private Equity | Looking For | 10.68 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 06/02/12 | M&A | Looking For | Wind Power Business | - | Planned |
| 01/02/12 | Private Equity | Looking For | Trishe Energy Private Limited | - | Planned |
| 31/01/12 | M&A | Gussing Renewable Energy GmbH | G P Green Energy Systems Private Limited | - | Completed |
| 27/01/12 | Private Equity | Zephyr Peacock India | Flareum Solar Technologies Private Limited (Formerly Gadhia Solar Energy Systems Private Limited) | 10.04 | Completed |
Company |
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| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Clover Solar Private Limited | Clover Infotech Private Limited | 85, A-Wing, Mittal Towers, Narimon Point, Mumbai-400021. Maharashtra, India. | Azur Power Private Limited | www.cloversolar.com |
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