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Actis Capital, the global private equity firm, is committing $230 million to create an Indian renewable energy platform under the name of Ostro Energy. Actis has hired Ranjit Gupta as chief executive officer (CEO) of the platform.
Ostro Energy's first project,Tejuva, a 50.4 Mw wind project, is under construction in the Jaisalmer district of Rajasthan. On completion, the platform aims to provide 800 Mw of energy across several Indian states by 2019, Actis said. Developed by wind turbine supplier Suzlon Energy, the site has been in development for more than four years. The project has achieved financial closure and is expected to achieve completion by mid-2015.
Ostro Energy is the fifth energy platform that Actis has created globally, following Globeleq Meso America in Central America, Zuma Energia in Mexico, Aela Energia in Chile and Atlantic Renovaveis in Brazil. Since 2002, Actis has invested in excess of $1.9 billion in 27 energy transactions, across 21 countries.
Torbjorn Caesar, partner and co head of energy at Actis, said: "With shortages of coal and gas, plus the environmental and social challenges associated with hydro and thermal projects, renewable energy is fast becoming critical to the energy supply equation in India."
Ranjit Gupta, CEO of Ostro Energy, said: "Tejuva is a significant first step in helping Ostro Energy achieve its objective of becoming a leading wind power company in India."
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