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Moser Baer Clean Energy looks to raise more than $100 million to fund its Solar projects

 Moser Baer Projects Private Ltd plans to raise more than $100 million in 2011/12 to fund its solar power projects developed by its clean energy unit, a senior company official told Reuters on Tuesday.

The company, promoted by the founders of Moser Baer India Ltd, said earlier in the day it has raised 5.80 billion rupees ($128 million) from Macquarie SBI Infrastructure Fund and State Bank Of India.

 “The next business where we would look at potentially raising outside capital would be Moser Baer Clean Energy, which is our solar development company,” Director Ratul Puri said over the telephone.

It had raised 13.5 billion rupees ($298.14) from US-based private equity firm Blackstone Group in 2010 and is looking at raising further capital, Puri said.

As readers of Panchabuta are aware,  Moser Baer Clean Energy Limited (MBCEL), a subsidiary of Moser Baer Projects Private Limited (MBPPL) has commissioned the country’s largest and the first 5 MW solar farm at Sivaganga in Tamil Nadu less than a month ago. The technical expertise for commissioning was provided by the EPC (Engineering Procurement Commissioning) arm of Moser Baer Solar Limited. The International Finance Corporation and the IDBI bank has provided debt for the project. 

 Ratul Puri has earlier stressed that around 85% of India’s aggregate economic demand is domestically driven and to power this requirement many more large solar farms have to be commissioned on fast track. The panels installed at Sivaganga Project were procured from Moser Baer Solar Limited, which is today one of the top players in the global solar market.  These panels were used as they are best suited in ramping up grid connected solar farms in high ambient temperature region like India.

According to Rajya Ghei, Country Head of MBCEL, “This successful commissioning by MBCEL reaffirms its position as the leading solar farm developer in the country. We have used our global experience to meet the local requirements according to the global standards.”

Given the track record and the agressive plans that MBECL have it might make a lot of sense for them to raise private equity as both an established player and a vertically intergrated player in the supply chain across the various group companies. It will be interesting to see how the Sivaganga 5MW PV plant performs.

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