Indian Kiran Energy secures venture capital funding

Oct 26, 2011 - Indian solar plant developer Kiran Energy Solar Power Pvt Ltd has raised USD 50 million (EUR 35.8m) from venture capital firms Argonaut Ventures, Bessemer Venture Partners and New Silk Route Partners, the company's founder Ardeshir Contractor told Bloomberg on Tuesday.

The Indian firm is currently working on the construction of a 20-MW solar plant in Gujarat, western India, Contractor said adding that Kiran Energy had secured financing from the State Bank of India (BOM:500112) and Japanese Mizuho Financial Group Inc (TYO:8411). The facility will be built with panels produced by Sharp Corp (TYO:6753).

Kiran Energy was jointly set up in 2010 by Contractor, former head of KPMG's Investment Banking unit in India, and Alan Rosling, formerly executive dDirector at Indian conglomerate Tata Group, in charge of overseas acquisitions, Bloomberg said.

(USD 1.0 = EUR 0.716)

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