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Axis Private Equity and IL&FS Financial Services Ltd (IFIN) have made an investment of Rs 90 crore ($18 Million) in Shalivahana Green Energy Limited (SGEL). While Axis PE has invested an amount of Rs 54 Cr ($11 Million), IL&FS Financial Services will invest Rs 36 crore. SGEL is a

renewable energy firm with focus on development and operation of biomass and small hydro power projects.

SGEL presently has four operational projects with an aggregate capacity of 35 MW. With this fresh round of funding, SGEL will expand its capacity to 250 MW. The company is already in advanced stage of developing a number of biomass and small hydro projects at various locations across India.

This is Axis PE’s fifth investment following previous investments aggregating Rs 320 crore in areas like  water supply and sanitation, laying oil and gas pipelines, railway EPC and hospitality sectors.

Axis PE had announced first close of its Axis Infrastructure Fund (AIF) at Rs 600 crore last year. The fund is looking at a final cloe of Rs 2,000 crore or $400 million.

“Over 60% of India’s generation capacity is from thermal sources whereas renewable energy sources (excluding hydro projects above 25 MW) account for a mere 9%. As per Ministry of New and Renewable Energy estimates, around 15,000 MW of additional renewable energy capacity is planned to be added during the 11th five year plan," said Alok Gupta, MD & CEO, Axis PE.

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