Yes Bank and US private equity investor Global Environment Fund (GEF) are set to raise a $200m cleantech private equity fund, according to reports.
The fund, which was initially mooted in June 2008 to raise up to $500m, will close this month. The Asian Development Bank and the International Monetary Fund both contributed to the downsized fund.
The vehicle will invest in cleantech-focused small and medium enterprises in South East Asia, with more than half the money being invested in India. Some investments will be made by the end of the fiscal year. GEF has previously made investments into electric car project Reva and Greenko.
GEF invested $46.3m in AIM-listed India-focused renewable energy generation company Greenko in November 2009, to accelerate the company’s growth addressing power issues in India.
Maryland-based Global Environment Fund was founded in 1990 to invest primarily in clean technology and energy efficiency in emerging markets. The firm manages more than $1bn in private equity investments for institutional investors.
Source: Alt Assets