Usher Eco Power Limited has filed DRHP with SEBI to raise R85Cr IPO.

The funds raised will be used to set up 18 MW rice husk based biomass cogeneration power plant.

IDBI Capital Market and SMC Capital are the book running lead manager to the issue.

Incorporated in 2007, Mumbai based Usher Eco Power is a renewable energy-based power co-generation company.

The company's first rice husk fired 16 MW biomass based cogeneration project in Uttar Pradesh is nearing completion and awaits connection to the state grid. It has entered into PPA with Tata Power Trading Company Limited for supply of upto 16 MW of power.

Promoters – Vinod Kumar Chaturvedi, Manoj Chaturvedi, Usher Agro Ltd along with the promoter group together hold 98.4% stake in the company.

In similar space, Husk Power Systems received a pre-Series A round of financing from Acumen Fund, Bamboo Finance, LGT Philanthropy, Draper Fisher Jurvetson, and the IFC in 2009.Founded in 2007, Husk Power Systems produces electricity from rice husks using biomass gasification technology.

Since August of 2007, Husk Power Systems has installed about 80 plants throughout Bihar. The company plans to expand dramatically over the next few years, growing to 500 plants by 2012 and 2,014 plants by 2014.

Recently, cleantech segment has seen many PE deals - MCap Fund Advisors and IDFC Private equity are investing R100Cr in Regen Powertech; Trishe Energy is planning to raise funds from private equity investors for setting up of 1,000-MW of wind farms; while JP Morgan Asset Management has invested R100Cr in Leap Green Energy Private Limited.

Previous Article

Verlinvest SA Acquires 20% Stake In Everstone Owned Cuisine Asia

Next Article

PE Backed Augere To Sell 4G Spectrum, Quit India Operations