Moser Baer Projects Private Ltd plans to raise more than $100 million in 2011/12 to fund its solar power projects developed by its clean energy unit, a senior company official told Reuters on Tuesday.
The company, promoted by the founders of Moser Baer India Ltd, said earlier in the day it has raised 5.80 billion rupees ($128 million) from Macquarie SBI Infrastructure Fund and State Bank Of India.
"The next business where we would look at potentially raising outside capital would be Moser Baer Clean Energy, which is our solar development company," Director Ratul Puri said over the telephone.
It had raised 13.5 billion rupees ($298.14) from US-based private equity firm Blackstone Group in 2010 and is looking at raising further capital, Puri said.
"We will look at individual holding companies for each of the major business verticals and we will look at raising capital in those business verticals in next 20-24 months," he added.
Macquarie SBI Infrastructure Fund and State Bank of India have taken a 'significant minority stake' in Moser Baer Projects' thermal power unit MB Power (Madhya Pradesh) that is developing 2,520 MW project at Anuppur, the firm said.
The first phase of this project with capacity of 1,200 MW, will cost 62.40 billion rupees and is fully funded, it added.
SOLAR, THERMAL, HYDRO
The firm plans to operationalise power projects by tapping solar, thermal and hydro resources and aims to have a installed aggregate capacity of 8,000 MW in Madhya Pradesh, Chhattisgarh, Orissa and Jharkhand, he said.
"The first set of the projects that are starting to generate capacity are the solar projects and by the end of...the next fiscal year (FY12) we hope to have about 500 MW of generation capacity on the solar side."
Moser Baer Projects aims to install 5,000 MW of power projects by 2014 and will require a total investment funding of 440 billion rupees to develop these projects, he said.