FE Clean Energy Group has invested $40 Mn in NSL Renewable Power Pvt Ltd, part of the Hyderabad-based NSL Group.

The funds will be used to set up small & medium hydro and wind power projects in Himachal Pradesh, Maharashtra and Karnataka and solar power project in Gujarat.

Commenting on the deal, Prabhakar Rao, Chairman of NSL Group, said "We are excited about the investment by FE Clean Energy Group and value their association as our long term partner. This investment will enable the company to ramp up capacity and facilitate further fund raising to achieve our vision of being a 1000 MW Company by 2015 in the renewable energy space."

Transction Reference: Press Release

NSL Renewable Power, which was demerged from the group's flagship Nuziveedu Seeds Ltd, has about 162 MW of installed capacity in renewable energy comprising of 150 MW of wind power (including a 50MW wind farm which is expected to be commissioned later this month) and two bio-mass plants of 6 MW each.

NRPPL has under development two medium scale hydro power projects (100 MW and 44 MW) and two small scale hydro power projects (5 MW and 6 MW) in Himachal Pradesh. Company is also in the process of constructing a 20MW solar power project in Gujarat, which is expected to be commissioned by December 2011. NRPPL also has seven winds power project under development totaling over 700 MW, which will be implemented over the next 2-3 years.

The total project cost is $210 Mn. Of this, in May this year, IFC has proposed to invest upto $25 Mn.

NRPPL is currently 100% held by Prabhakar Rao and his family.

Set up in 1973, NSL Group operates in a number of business segments including seeds, cotton, power, textiles, sugars and IT infrastructure (primarily IT parks etc).

Group's main operating companies are NRPPL (renewable energy projects), NSL Properties (P) Limited (IT infrastructure) and NSL Seeds (P) Limited (seeds business).

NSL Group is also the promoter of Regen Powertech Private Limited, a wind turbine manufacturer company.

FE Clean Energy Group invests in emerging markets in the clean energy sector and has $400 Mn under management.

In India, it has investments in Soham Renewable Energy India Pvt Ltd, Bhilwara Energy Ltd, Ambuthirtha Power Pvt Ltd, Elpro and Swasti Power Engineering Ltd.

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