India’s Orient Green Power, a renewable energy developer, has raised $55 million in a second round of funding (hat tip PE Hub). The investment was led by Olympus Capital Holdings Asia, which put $35 million into the round. Return backers Shriram EPC and Bessemer Venture Partners invested $10 million each in Orient Green.
Shriram, a provider of engineering and construction services for renewable energy, water and wastewater projects, said in a statement that Orient Green now has access to $75 million in equity with this latest round of funding. Orient Green will use the cash to expand its renewable holdings, including setting up and acquiring biomass, cogeneration, wind, small hydro and biogas projects.
Another Indian cleantech firm got a boost earlier this month, when Azure Power raised an undisclosed amount of funding for its solar power projects. Helion Venture Partners and Foundation Capital led the Series A round. Azure said it has a number of grid-connected and off-grid sites under development across several Indian states.
Orient Green currently operates 70 megawatts (MW) of biomass and wind power, but it’s aiming for 500 MW of renewables within the next five years. The company has two 7.5 MW biomass plants in Tamil Nadu and Rajasthan and multiple wind farms in Tamil Nadu and Andhra Pradesh. Currently, it’s working on another 146 MW of hydro and biomass power.
In addition to selling power, Orient Green plans to make cash by selling Certified Emission Reduction credits under the UN’s Clean Development Mechanism. According to Orient Green’s web site, the company is also looking at getting into ethanol production.