Birla Surya raises $15 Million from Asia Pacific Capital
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Birla Surya raises $15 Million from Asia Pacific Capital
Mumbai: Asia Pacific Capital has invested $15 million in Mumbai-based Birla Surya, a Yash Birla Group Company, for 15 percent stake. It has invested through its Mauritius-based entity, Everest Capital, reports DealCurry. Nitesh Desai Associates was the legal counsel to this deal. Birla Surya is into manufacturing of multi crystalline silicon solar photovoltaic cells, fabrication of multi-crystalline silicon wafers and other related products, using solar grade silicon in India. The firm plans to invest 5,400 crore in the next five years to manufacture solar equipments in Maharashtra. The firm is going to set up units at Rajewadai in Satara district to manufacture multi-crystalline solar photovoltaic (PV) cells and fabricate multi-crystalline silicon wafers. The unit will start commercial production by the end of this year. The company is targeting a capacity of 1,200 mega watt of wafers, 1,000 mega watt of PV cells and 750 mega watt of modules. For this they will be investing 1,493 crore in Phase I and have a capacity of 60 mega watt for PV cells and 125 mega watt for wafers. To finance this phase, it has raised Rs,970.50 crore of debt, from a syndicate of 11 domestic lenders for a tenure of 10 years with an average interest rate of 14.5 percent. They have also signed contracts with technology suppliers like Roth & Rau AG, RENA GmbH and Herbert Arnold GmbH & Co KG of Germany.

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