By
IFC To Invest $1M In Zephyr Peacock-backed Flareum

International Finance Corporation (IFC) is planning to invest $1 million (Rs 5.3 crore) in a Mumbai-based solar energy firm Flareum Solar Technologies Pvt Ltd. The investment is being routed through a special purpose vehicle (SPV) set up by Zephyr Peacock India Fund for its existing investment in Flareum.

PE firm Zephyr Peacock had invested around Rs 50 crore to pick a significant minority stake in Flareum Technologies (formerly known as Ltd.) few months ago (more on that here).

The solar energy company promoted by Badal Shah, Shirin Gandhi and Deepak Gadhia, provides energy solutions by using parabolic concentrated technology. Shah is the majority shareholder.The company provides products and services in the solar thermal space used in cooking and cooling applications. Mumbai-based Flareum has R&D and manufacturing facilities in Valsad, Gujarat.

Flareum will use the funds raised from IFC for capital expenditure plans and to meet working capital requirements as well as for boosting the sales and engineering teams.

IFC, which has committed over $200 million through a mix of equity and debt investments in India over the past one week and has been one of the more prolific private institutional investors in the country, already has an indirect exposure in Flareum through Zephyr Peacock’s existing PE funds. The private sector investment arm of the World Bank hadcommitted capital in Zephyr Peacock India Fund II (which is an investor in Flareum) and has also come in an as an anchor investor in the new fund Zephyr Peacock India Fund II.

Leave Your Comment(s)