Darby Overseas Investments, the private equity arm of Franklin Templeton Investments and a leading provider of private equity and mezzanine capital in emerging markets, announced that its Darby Asia Mezzanine Fund II (DAMF II) invested Rs 700 million through an affiliate in Bangalore-based Bhoruka Power Corporation.
Transaction details were not disclosed.
Bhoruka Power Corporation (BPCL) is a company engaged in the development and construction of small hydro-electric and wind energy power generation projects. BPCL has a portfolio of fourteen projects adding up to 91 MW of renewable energy capacity, primarily in Karnataka, with a planned addition of another 111 MW to be commissioned in the next 48 months.
Richard H. Frank, Darby`s chief executive officer, commented, “Bhoruka Power represents an excellent investment opportunity to participate in the infrastructure sector. We are attracted to BPCL because of its strong position within India`s rapidly expanding renewable energy sector and its strong execution capabilities.“
SN Agarwal, Chairman of BPCL, said, “Mezzanine finance is an attractive source of long-term capital for us as we pursue our plans for growth. We are very pleased to take advantage of Darby`s broad experience in mezzanine financing for companies such as ours.“
Source: My Iris