Pan-emerging market private equity specialist Actis is to build a $230 million renewable energy platform, Ostro Energy.
The first project for Ostro Energy – which will be led by chief executive officer, Ranjit Gupta – is Tejuva, a 50.4MW wind project in the Jaisalmer district of Rajasthan which on completion will provide 800MW of capacity across several Indian states by 2019. The Indian renewable energy platform will be Actis’s fifth such platform after undertaking similar platforms in Central America, Mexico, Chile and Brazil. Torbjorn Caesar, partner and co-head of energy at Actis, commented: “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. We are delighted to help extend and diversify India’s wind energy footprint, drawing on our deep understanding of both India and the energy sector.”