According to a statement from Nereus Capital Management LLC, it said it was able to raise as much as US$100 million for its India clean energy fund. Its biggest investors are Northern Lights Capital Group LLC and the US Agency for International Development.
Northern Lights' contribution would consist of US$100 million, which includes the US$40 million credit guarantee from USAID, according to an email from Nereus Managing Director Jonathan Winer.
The funds would be utilized to construct facilities that can generate 400 megawatts from clean energy sources for India. This was confirmed by a joint statement from Northern Lights and USAID. Possible investments in clean energy can be wind, hydro, solar and energy efficiency projects.
India is aiming to increase its renewable energy capacity to 60,000 megawatts by 2017, with the goal to reduce or eliminate blackouts and be weaned from fossil fuel using power plants.
Last year, Nereus had received US$20 million from the International Finance Corp, the financing arm of the World Bank in its goal to raise US$250 million.
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