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New Delhi: The Indian biomass power company, Shalivahana Green Energy, raised $15 million in equity financing from IFC, a member of the World Bank Group. The fund will be used to help increase India's power supply. It will also support the company's expansion of about 200 megawatts of its existing biomass power projects in the Indian states of Chhattisgarh, Jharkhand, Madhya Pradesh, Orissa and Tamil Nadu.
IFC is a global institution focused exclusively on the private sector. They help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments and mobilizing capital in the international financial markets. Through its Post-2012 Carbon Facility, IFC will also commit to purchase up to 1.5 million Certified Emission Reductions or CERs from energy projects developed by Shalivahana during 2013 to 2020. They will pay a pre-agreed percentage of the spot price of the CERs at the time of delivery, subject to a minimum price.
M. Komaraiah, Chairman and MD, Shalivahana Green Energy, said, "IFC's support will help us raise funds, adds credibility to our work and raise the generation capacity of our portfolio over het next four years. The Post-2012 Carbon Facility will help us generate sustainable revenues in the long run despite the uncertainties in the global carbon market." The company plans to undertake small to medium-sized projects in the biomass, hydro and win-energy sectors.
Komaraiah had completed his Bachelor of Engineering-Civil from the Osmania University, Hyderabad and focused his career in the field of Real Estate Development with the visionary zeal.
Having completed his Bachelor of Engineering-Civil from the Osmania University, Hyderabad in the year 1983, he focused on building his career in the field of Real Estate Development with the visionary zeal that has prompted the emergence of Shalivahana Projects Limited, a flagship Company of the group.
Thomas Davenport, IFC Director for South Asia, said, "Improving access to regular and clean power supply is a key strategic priority for IFC in India. Our Post-2012 Carbon Facility will provide the company with a high-quality revenue stream from CERs up to 2020 to strengthen the viability of their projects."
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