Indian company Jakson Green is moving closer to raising more than 40 billion rupees ($476.4 million) in funding to expand its renewable energy capacity, said joint managing director Krishnan Kannan .
The private company, which currently has an installed capacity of around 250 megawatts, will add 1 gigawatt (GW) by early 2026.
“We are working with a strategic partner to bring in the investment. For this 1 GW, the investment will be around Rs 40 billion, split between 75% debt and 25% equity,” Kannan told Reuters on Thursday, on the sidelines of the Renewable Energy India Expo in New Delhi.
The company is in advanced talks with green energy funds and aims to close the fundraising by November, he added.
The company is part of the Jakson Group, which is also involved in the manufacturing of solar modules and cells through another unit called Jakson Solar.
A growing number of Indian companies are expanding their renewable energy capacity and raising funds, with the government aiming to add at least 500 GW of clean energy by 2030 to reduce carbon emissions. greenhouse.
Jakson Green is also looking to increase its renewable energy generation capacity by 1 GW per year over the next five years and will raise funds as needed, Mr Kannan said.
Jakson Green has won over 1 GW of renewable energy projects from the Indian government, including Solar Energy Corporation of India and NHPC, and secured a credit facility from First Abu Dhabi Bank in July for its international expansion .
In September, the company signed a deal with Indian infrastructure lender REC for 14.2 billion rupees to finance Jakson’s power projects.
($1 = 83.9630 Indian rupees)
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