Kiran Energy–a Mumbai-based solar power company founded by Ardeshir Contractor, formerly head of KPMG’s Investment Banking business in India, and Alan Rosling, a former Executive Director of Tata Sons–is said to have received a funding of about $30 million from three prominent private equity players New Silk Route, Bessemer Ventures and Argonaut Ventures for a majority stake.
When contacted, Alan Rosling, founder and Chairman of Kiran Enery, confirmed the fundraise but declined to divulge the amount raised.
“We have completed our series A funding with New Silk Route, Bessemer Ventures and Argonaut Ventures. Now we have sufficient equity holding for the first round of expansion,” Rosling told VCCircle.
“These three players together hold majority stake in the company,” he said.
According to sources, the three players have invested equally in the company and jointly hold 75-80% stake. But, neither Rosling nor any of the three PE players, VCCircle contacted, elaborated on the investment size and stakeholding.
The company has already signed two power purchases agreements, a 20 MW PPA with Gujarat Urja Vikas Nigam Ltd (GUVNL), a state-run power generation, distribution and transmission company, and a 5 MW PPA under National Solar Mission project, Rosling said.
“We have signed our first joint venture with Mahindra & Mahindra to generate 5MW solar power,” he said.
The company is in advanced stages of talks with different distributors to sign PPAs and for JVs. It plans to achieve 200 MW capacity in three years, Rosling said.
The company has given a Rs 258-crore contract to L&T construction division to set up a solar plant of 20 MW at Patan, Gujarat, which will be completed by the end of this year. According to the PPA with the Gujarat government, the supply will start from the end of this year, Rosling said.
Educated at Downing College, Cambridge, and the Harvard Business School, Alan Rosling started his career as a merchant banker with S.G. Warburg & Co Ltd. He worked as a special Advisor to British Prime Minister John Major and was a CEO of Piersons and Chairman of Jardine Matheson Group in India before joining Tata Sons, the holding company of Tata Group as an Executive Director.
Rosling created his own advisory business, Griffin Growth Partners Ltd, in 2009 before joining Ardeshir Contractor to form Kiran Energy.
Holding an M.S. degree from Ohio State University and a B.Tech from the Indian Institute of Technology, Ardeshir Contractor served as Managing Director of KPMG in India, headed its investment banking division here. He served as Independent Non-Executive Director of MacMillan India Ltd, MPS Ltd and India Blue Mountains Ltd.
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