Our Vision
Green India Campaign
News Desk
Muthoot Pappachan Group adds 50 MW to its clean energy portfolio

Firms double funding this year, as govt, multilateral agencies push sector.

Last month, the Muthoot Pappachan Group (MPG), a leading non-banking finance company, decided to invest heavily in wind energy, to create 50 Mw generation capacity.

This is part of its plan to diversify into power, automation and hospitality sectors, after a century of being in the banking business in Kerala.

“A lot of PE investors are interested in renewable energy and we are exploring PE investments for our wind energy initiatives,” said Thomas John Muthoot, chairman and managing director.

The renewable energy (RE) sector in India saw 135 per cent more PE and venture capital (VC) investments in 2010. Data from VCCedge show five PE/VC investments worth $377 million (Rs 1,715 crore), including a mega one of $290 mn by Blackstone in Moser Baer, the solar power company. As against this, 2009 saw six deals in the sector, worth $160 mn.

Experts attribute the interest of angel investors in RE — wind, solar and hydel and biomass — to the government’s recent initiatives. The latter plans to get 20 gigawatts (Gw, or 20,000 Mw) from sunlight by 2020. It launched the National Solar Mission last year as part of a strategy to cut the country’s carbon footprint.

Read More