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Aditya Birla Group with Lotus Renewables to launch a $100 million Global Clean Energy Fund: Report

Aditya Birla Group, Lotus Renewables is gearing up to launch $100m clean energy fund which is targeted is targeted at developing countries in Asia, including India, as well as Australia

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Saur News Bureau
Aditya Birla Group with Lotus Renewables to launch a $100 million Global Clean Energy Fund: Report

Clean Energy

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The Global Clean Energy Fund will be managed by Singapore-based Aditya Birla Sun Life Asset Management Company Pte Ltd.

Aditya Birla Group is reportedly gearing up to launch a $100 million Global Clean Energy Fund with Lotus Renewables. The fund is targeted at developing countries in Asia, including India, as well as Australia.

K Gowri Shankar, Director, Lotus Renewables speaking to DEALSTREETASIA said “Currently we are looking Asia and Australia as a market to start with. We have identified markets like India, Srilanka , Australia , Indonesia , Thailand , Philippines , Vietnam etc.”

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The Global Clean Energy Fund will be managed by Singapore-based Aditya Birla Sun Life Asset Management Company Pte Ltd. According to the report it will provide debt and equity financing to small and medium-sized clean energy projects across the globe. The fund will typically work on a pipeline of projects seeking investment pre-construction in sectors such as small hydro, solar, wind, biomass, geothermal, energy storage and smart grids. The asset management arm of Aditya Birla will also look at investing in distressed assets that suit its portfolio profile.

“We will appoint independent local consultants for doing due- diligence before our investment committee’s evaluation,” said Shankar to the publication.  He further added “The fund is expected to make its first close at $30 million in the next two months with the target of closing the $100 million fund by the end of December.”

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