Tata Cleantech Capital Ltd., a joint venture between Tata Capital and the International Finance Corp. (IFC), is planning to launch an infrastructure fund as well as a debt and alternative investment fund to finance renewable energy projects in India.
According to Financial Express, the fund will be used for financing green energy projects in solar and wind energy projects. The company will also look at other infrastructure sectors, including electric vehicles, smart meters and energy storage.
Tata Cleantech will launch the infrastructure fund with an initial investment of Rs 300 crore ($42 million) and the debt AIF with Rs 700 crore ($100 million).
“We will leverage the debt fund by six-to-seven times to Rs 2,100 core [$293 million] to Rs 2,500 crore [$349 million] size over the next three years,” Manish Chourasia, managing director of TCCL told Financial Express. “We expect the shareholder agreement to be signed in the next five to six m