Orient Green Power Company Ltd., a Chennai,India-based renewable energy firm owned by the Shriram Group, is selling its entire stake in a 20 megawatt Maharashtra power project to Singapore-based Sindicatum Captive Energy.
Details of the deal were not disclosed. Orient Green made the disclosure in a stock market filing.
Sindicatum owns and develops clean energy projects that produce sustainable resources from natural product waste. It has business units in Bangkok, Beijing, Jakarta, Manila, New Delhi, Singapore and Washington D.C.
Shriram Venture Ltd and Bessemer Venture Partners had invested $20 millin to start Orient Green Power nine years ago. The company is into renewable energy power, including biomass, wind and hydel projects.
Renewable energy has emerged as one of the hottest growth areas of India after the government set a target of 100 gigawatts of solar power and 60 gigawatts of wind power generation by 2022. That’s an ambitious target compared with current production levels of 4 GW of solar power and 23 GW of wind power.
Companies are rushing in to invest. In June, Japanese investor Softbank tied up with Taiwan’s Foxconn Technology Group, the world’s largest contract manufacturer, and Bharti Enterprises Ltd., which controls India’s largest mobile network, to form a joint venture named SBG Cleantech Ltd., with a proposed investment of $20 billion. Other large deals include Aditya Birla Group‘s venture with Abraaj, the Dubai-based private equity firm to build solar power plants, and Italy-based Enel Green Power‘s acquisition of BLP Energy for $33.5 million.