New Delhi: Renewable energy developer Leap Green Energy announced it will raise $250 million as primary capital to fund its expansion plans. The company currently has operational wind energy capacity of 750 Megawatt (Mw) and 400 Mw of under-construction wind assets.
Leap Green Energy is targeting to have an installed capacity of above 3,000 MW by 2019-20. To meet the fund requirements of expansion, the company plans to raise close to $250 million as primary capital,” the company said in a statement.
The company has appointed Barclays Bank PLC as financial advisors for raising equity which will help pursue greenfield and brownfield opportunities for growth within the renewable energy space. Apart from opportunities in power generation, the firm also intends to look at opportunities in energy storage, repowering and offshore wind energy.
“With less than USD 120 million invested, the company has created an operating capacity of over 750 MW. We are keen to further enhance this growth to reach our target of over 3 MW power generation in the next two years. For this we found Barclays PLC to be our apt financial expert partners to raise our next round of equity,” Founder and Managing Director Rajeev Karthikeyan said.
The company said it had reported total revenue of Rs 525 crore last financial year ended March 2018. Currently, Leap Green operates assets in Madhya Pradesh, Rajasthan, Tamil Nadu, Maharashtra and Gujarat and plans to enter more states.