Future Fund backs Applied Solar Technologies in India

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
Future Fund backs Applied Solar Technologies in India

In a new round of funding led by Future Fund, Australia's sovereign wealth fund, Applied Solar Technologies (AST) has raised US$40 million for investment in India's solar power capacity.

The capital raised concludes AST's fourth round of funding, taking its private equity funding to over US$85 million in total.

A number of previous AST private equity investors participated again in the fourth round. These include the International Finance Corp., the World Bank's investment arm, Capricorn Investment Group, and Bessemer Venture Partners.

The new round of funding is geared at the Indian government's target initiative to raise the country's solar power capacity to 100 GW by 2022. With current solar capacity at approximately 3 GW in India, the state estimates the investment capital needed to reach its target at roughly US$100 billion.

The International Finance Corp. led a US$21 million second round of funding in 2010, following an undisclosed investment amount by Bessemer Venture Partners the year before. The third round of funding raised US$24.6 million in 2012.

With around 4,000 sites throughout the country, AST is India's largest distributed solar power company, providing off-grid power to the telecommunications and banking industry sectors.

SunEdison Inc. is another major player in the Indian solar energy market, the firm has plans to invest approximately US$15 billion in India over the next seven years.

List of country news

Country news

  • June 23, 2015

    SunEdison announces acquisition of Continuum Wind Energy in India

    SunEdison Inc. has announced that is has signed a definitive agreement to acquire Continuum Wind Energy Limited, which owns with multiple wind power assets in India. Read more
  • June 23, 2015

    IFC subscribes to $35 million worth of 10-year non-convertible debentures for renewable energy projects in India

    The International Finance Corporation (IFC) has announced its subscription to US$35 million worth of 10-year non-convertible debentures issued by infrastructure finance company, PTC India Financial Services (PFS). Read more
  • June 26, 2015

    SoftBank, Bharti and Foxconn to partner for Renewable Energy in India

    Japanese telecommunications firm SoftBank Corp., Indian business conglomerate Bharti Enterprises and Taiwan-based design and manufacturing services provider Foxconn Technology Group to partner for promoting the adoption of clean and safe energy in India. Read more
  • July 07, 2015

    SunEdison inaugurates solar plant in Madhya Pradesh

    SunEdison Inc has inaugurated the 50 MW Dammakhedi DC solar power plant in the Indian state of Madhya Pradesh. Read more
  • July 08, 2015

    Adani Group signs MoU with Tamil Nadu for solar projects

    The Adani Group has signed a memorandum of understanding (MoU) with the Tamil Nadu government, in India, for the installation of multiple solar power plants with a total capacity of over 600 MW. Read more

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.