According to reports, IFC, the private sector arm of the World Bank, may invest up to $20 million in Nereus India Alternative Energy Fund LLC, a newly formed fund which will target companies engaged in the development, construction & operation of renewable and clean energy generation assets or those focused on the deployment of clean energy technologies in India.
The total target size of this fund is $250 million and it will be domiciled in Mauritius. The anticipated portfolio of Nereus will include 7-10 investments of $15 million-$35 million each, in equity and equity-linked securities of companies primarily focusing on the development, construction and operation of power generation assets in India.
The fund will be managed by Nereus Capital Management, LLC. Nereus Capital Advisors Pvt Ltd, an Indian private limited company, will provide investment advisory services. The advisor’s professional team is currently split between Mumbai and Delhi.
In May last year, Nereus Capital roped in Rajesh C. as its managing director. Prior to joining Nereus, he had served as head of investments at PTC India Financial Services Ltd and Green Infra Ltd (an Indian renewable energy producer).
Nereus Capital is currently investing from its India Energy Fund and typically puts $5 million-$25 million in equity or equity-linked securities of clean and renewable power generation companies.