India's Jakson Green nears $476 mln fundraise for renewables capacity expansion
NEW DELHI, Oct 4 (Reuters) -India's Jakson Green is closing in on a more than 40 billion-rupee ($476.4 million) fundraise to expand its renewable energy capacity, Joint Managing Director Krishnan Kannan said.
Theprivately-held company, which currentlyhas an installed capacity of around 250 megawatt, will add 1 gigawatt (GW) by early 2026.
"We are working with a strategic partner to bring in the investment. For this 1 GW, the investment will be around 40 billion rupees in a mix of 75% debt and 25% equity," Kannan told Reuters on Thursday on the sidelines of the Renewable Energy India Expo event in New Delhi.
The company is in advanced talks with green energyfunds and aimsto close the fundraise by November, he added.
The firmis part of the Jakson Group that also has a presence in solar module and cell manufacturing through another unit calledJakson Solar.
A growing number of Indian companies are expanding their renewable energy capacityand raising funds as the government aims to add at least 500 GW of clean energy by 2030 to reduce emissions.
Jakson Green is also looking to add 1 GW of renewables capacityper annum for thenext fiveyears and will raise funds as per its requirements, Kannan said.
Jakson Green has won more than 1 GW of renewable energy projects from the Indian government, including Solar Energy Corporation of India and NHPC NHPC.NS, and in July it secured a credit facility from First Abu Dhabi Bank for its international expansion.
In September, the company signed an agreement with Indianstate-owned infrastructure lender REC RECM.NS for 14.2 billion rupees to fund Jakson's power projects.
($1 = 83.9630 Indian rupees)
Reporting by Sethuraman NR; Editing by Sonia Cheema
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