BanyanTree Growth Capital II LLC, a structured private equity fund, has invested Rs 50 crore ($8.6 million) in Bangalore-based renewable power generation firm Atria Brindavan Power Ltd.
Set up in 2000, Atria is focussing on small hydel power plants and has an operating portfolio of over 46MW in hydro assets with plans to add wind and solar energy projects to its portfolio.
BanyanTree Growth Capital II has been among a few funds that have raised capital in a challenging environment. In January this year, it raised just under $150 million for the second fund. Banyan Tree Growth Capital II announced a first close in July 2012 at close to $100 million.
BanyanTree has completely invested the Fund I and now all new investments will be made from Fund II. Its investment portfolio includes companies such as Ess Kay Auto Finance Pvt Ltd, a Jaipur-based non-banking financial company (NBFC) that finances pre-owned commercial vehicles; Bhopal-based Dilip Buildcon Ltd, which is involved in EPC work for roads and the bridges segment; and Beaver Engineering, which manufactures industrial batteries.
BanyanTree has also part-exited from its investments in Mumbai-based IT solutions provider Trimax IT Infrastructure and Services Ltd and GEI Power Ltd.
A couple of weeks ago, NSL Renewable Power Pvt Ltd (NRPPL), part of the Hyderabad-based NSL Group, raised $5 million (Rs 28 crore) from International Finance Corporation (IFC) through compulsorily convertible debentures (CCDs) to support the development of wind and hydro power projects and expand access to clean energy.
Last week, Goldman Sachs’ private equity fund invested $135 million (Rs 760 crore) in the privately-held wind energy firm ReNew Power Pvt Ltd.
(Edited by Joby Puthuparampil Johnson)