Applied Solar Technologies, a Delhi based solar power company has raised R256.36 Cr ($40 Mn) in a new round of funding led by Australian government’s sovereign wealth fund Future Fund, alongwith existing investors Bessemer Venture, Capricorn Investment and IFC.
With the closure of fourth funding round, Applied Solar took its overall PE funding to more than $85 Mn.
In 2009, Bessemer had invested an undisclosed amount in the company. In 2010, IFC alongwith Bessemer invested $21 Mn in the second round. Again in 2012, Bessemer, IFC and Capricorn invested $24.6 Mn in the company.
Founded in 2008 by Vinod Agarwal, Kapil Kathpalia and Neeraj Saxena, Applied Solar is a solar PV based off-grid power solution company that provides off grid solar power currently to the telecom and banking sectors which often rely on diesel based generation for 50 to 100 per cent of their power requirements. It builds and operates solar installations and takes over the power supply management of each site. It uses a combination of solar PV, battery back-up and diesel generator making it a hybrid energy solution that optimizes the usage of various sources through a controller.
Recently in May, New Delhi based SunTerrace Energy, a developer of solar energy plants had raised an undisclosed amount of funding from US based fund Sunergy Investors. In April, Renewable energy producer, Surana Telecom and Power had picked up 51% stake in Arhyama Energy which is proposing to setup 10MW Solar Power Plant at Kolanupaka Village in Telangana State. The deal size was not disclosed, however, the total investment outlay is estimated to R82.80 Cr.
Marking its exit from European market, listed entity Time Technoplast has divested in its Poland subsidiary Novo Tech SP Z.o.o., which is mainly engaged in manufacture of Anti Spray Flaps and some Entrance Mattings to a Poland based private equity fund.
UTI Ventures Funds Management Company Private Limited, the private equity investment subsidiary of UTI Asset Management Co Pvt Ltd, has sold its stake in Ascent Capital Pvt Ltd to the management of the firm, which is headed by Raja Kumar.