InfraCo Asia signs two agreements for India hydro power projects
InfraCo Asia Development Pte. Ltd., part of the Private Infrastructure Development Group (PIDG), has announced the signing of two separate Joint Investment and Development Agreements (JIDA), Subscription Agreements (SSA), Shareholders Agreements (SHA) with Virtuaal Infrapower (Virtuaal), a developer of renewable energy projects based in New Delhi, India.
The two Compulsory Convertible Debenture (CCD) facilities of up to $1.8M and $3.2M will support Virtuaal in the development of two Run-of-River Small Hydro Projects in India’s North-Eastern state of Arunachal Pradesh. The projects will be held under separate project companies, with capacity of 14.5 MW and 23 MW respectively. These opportunities fall under InfraCo Asia’s Co-Development Program, designed to support local developers to meet their pre-financial close project development costs in South Asia and South-East Asia.
InfraCo Asia CEO, Allard Nooy, said the partnership with Virtuaal is an important part of the company’s mandate at work in India—developing sustainable, commercially viable projects that provide social impact. Mr Nooy said:
“This marks InfraCo Asia’s first foray into the renewable energy sector in India, and is an important part of our commitment to infrastructure development in India. The project implementation will ultimately support social and economic development by strengthening the electricity supply in North-Eastern India.”
“The support provided by InfraCo Asia in developing these projects in a world-class manner will set the stage for achieving financial close for both the projects. I’d like to thank the InfraCo Asia team members who worked so diligently towards these investment agreements. We look forward to working with Virtuaal on the execution and implementation of these projects.”
Virtuaal Director, Mr Vikram Aggarwal, said:
“We are delighted to partner with InfraCo Asia on these projects in India. The development of these projects will not only be beneficial to both companies involved but will also lead to the benefit of the society at large, particularly the local population in Arunachal Pradesh.”
Virtuaal Infrapower is part of the Virtuaal Group, which was founded in 1998 as a multi-brand retailer. Through Virtuaal Infrapower, the Group has diversified into renewable energy business with a particular focus on hydroelectric power in India.
