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The firm is part of the Jakson Group that also has a presence in solar module and cell manufacturing through another unit called Jakson Solar | Photo: X@JaksonGroup
India’s Jakson Green is closing in on a more than Rs 4,000 crore ($476.4 million) fundraise to expand its renewable energy capacity, Joint Managing Director Krishnan Kannan said.
The privately-held company, which currently has an installed capacity of around 250 megawatt, will add 1 gigawatt (GW) by early 2026.
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“We are working with a strategic partner to bring in the investment. For this 1 GW, the investment will be around 40 billion rupees in a mix of 75 per cent debt and 25 per cent equity,” Kannan told Reuters on Thursday on the sidelines of the Renewable Energy India Expo event in New Delhi.
The company is in advanced talks with green energy funds and aims to close the fundraise by November, he added.
The firm is part of the Jakson Group that also has a presence in solar module and cell manufacturing through another unit called Jakson Solar.
A growing number of Indian companies are expanding their renewable energy capacity and raising funds as the government aims to add at least 500 GW of clean energy by 2030 to reduce emissions.
Jakson Green is also looking to add 1 GW of renewables capacity per annum for the next five years and will raise funds as per its requirements, Kannan said.
Jakson Green has won more than 1 GW of renewable energy projects from the Indian government, including Solar Energy Corporation of India and NHPC, and in July it secured a credit facility from First Abu Dhabi Bank for its international expansion.
In September, the company signed an agreement with Indian state-owned infrastructure lender REC for Rs 1,420 crore to fund Jakson’s power projects.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Oct 04 2024 | 11:06 AM IST
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