Home » CleanTech/ Renewable Energy » Soham Renewable Energy to raise up to $60 million from Macquarie SBI Infrastructure fund- VCCircle

Soham Renewable Energy to raise up to $60 million from Macquarie SBI Infrastructure fund- VCCircle

Soham is a power generating company purely focusing on renewable energy. It aims to be among India’s top three companies in this space. With a firm belief in the future of renewable energy, Soham has been directing its efforts in this regard for the past eight years.

 Soham has built and continues to operate India’s largest hydro power plant in the small hydro private sector. This plant is a 22MW plant located near one of Southeast Asia’s largest waterfall, Jog Falls in Shimoga, Karnataka and was commissioned in 2007.

The company has since developed a 15 MW, run of the river small hydro project located across Gurupur River , Moodabidri, Dakshina Kannada district, Karnataka. This project was successfully commissioned during September 2009 .

According to the company, The D. E. Shaw group, a global investment and technology development firm, invested $15 million in Soham Renewable Energy India Private Limited to fund its expansion plan over the next five years. It has also raised commitments from FE Clean Energy Asia.

Soham Renewables has two projects – Mahadevapura Mini Hydel Scheme-6 MW run of river project located on Cauvery River, Mandya District, Karnataka and Mulibettu Mini Hydel Scheme a 10.5 MW run of river scheme located on Gurupur River in Moodabidri, Dakshina Kannada district, Karnataka under implementation.

The company also has 5 other small hydro projects in Karnataka that are construction ready with all approvals.

According to VCCircle, Soham Renewables is in talk with Macquarie SBI Infrastructure fund to raise upto $60 million. VCCircle adds, a spokesperson of Macquarie replied saying , ” Macquarie does not comment on market rumours or speculation.” when contacted and  Sunith Shetty, Vice Chairman, Soham Renewable Energy, declined to comment on the development.     

It seems like with all approvals in place and a lot of evacuation facilities established for some of these projects, this would be an attractive investment opportunity as small hydro plants have a very low technology and execution risk and a have a very low cost of generation making the tariffs very attractive.

Scroll To Top