Climate-focussed private equity firm GEF Capital Partners, which is on the road to raising a new India-focused clean energy fund, has led a funding round in Sterlite Power Transmission Ltd’s Global Products and Solutions (GPS) unit.
Sterlite Power, a privately held company that’s part of metals and mining group Vedanta, said its GPS unit raised Rs 725 crore in primary funding from GEF and investment group Enam Holding.
“With a strong order book of Rs 6,700 crore (as of November 2024) and a growth trajectory that's sustained across domestic and international markets, we're confident that our GPS business will continue to thrive and make a meaningful impact in the power transmission sector,” Sterlite Powers said in a social media post.
Sterlite Power also claimed that in the first half of the ongoing financial year, the GPS business has secured orders worth Rs 2,715 crore.
“Securing this funding marks a significant milestone for Sterlite Power’s GPS business. This investment will significantly bolster our ability to deliver cutting-edge solutions and advanced technology to the market,” Pratik Agarwal, managing director at Sterlite Power, was separately quoted as saying in media reports.
“With this fundraise, we will be better equipped to deliver innovative, reliable power solutions that support the energy transition and meet the growing demand for clean energy across India and the world,” he added.
Sterlite Power, which is a private sector power transmission infrastructure developer and solutions provider with a portfolio of more than 30 completed, sold and under construction projects, early this year partnered with Singapore sovereign wealth fund GIC to set up a new platform to develop and operate power transmission projects in India.
Meanwhile, GEF, which closed its second fund South Asia Growth Fund II (SAGF II) at $200 million in March 2021, is now targeting $400 million for its third fund, SAGF III. It has already secured commitments for over half of the target amount.
The fund focuses on equity investments in small and medium enterprises (SMEs) that drive climate action and environmental sustainability.
