Financial Daily from THE HINDU group of publications
Wednesday, May 21, 2003
Financial Daily from THE HINDU group of publications Wednesday, May 21, 2003 |
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Industry & Economy
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Power Money & Banking - NBFCs Rabo India scouts for energy fund investors Poornima Mohandas
MUMBAI, May 20 THE non-banking finance company Rabo India Finance and BTS, a Swiss Government-affiliated entity, is setting up a $30-million private equity fund dedicated to renewable energy projects in the country. The company is in the process of scouting for both domestic and overseas investors for the `Indian Renewable Energy Equity Fund' (IREED), as it is called, for the present, said a senior official with Rabo India Finance. Rabo India Finance will be the `country advisor' for the private equity fund. "The fund is expected to be ready by December 2003. It would give a return of 14 per cent to 16 per cent in dollar terms per annum," said the official. "This rate of return should fetch us investors. Only good returns can make investors come forward to invest in wind farms and solar energy projects". The legal and accounting aspects as well as documentation work would be looked after by the Swiss partner. The identification, assessment and monitoring of the projects would be the task of Rabo India Finance. BTS is a Zurich-headquartered financial advisor and investment company specialised in facilitating business and investment in the Indian sub-continent "In the area of sustainable banking and renewable energy initiatives we can add value with our worldwide expertise," said the official with Rabo India Finance. Rabo India Finance is already involved in renewable energy projects both as an advisor and also as a fund provider in India with projects such as wind farms in Satara, Maharashtra. Rabo India as a philosophy believes that "there is a subset in the sustainable development universe that is profitable on a standalone basis" and is, therefore, commercially viable in contrast to the `popular misconception'.
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