Actis is committing $230 million to create an Indian renewable energy platform, Ostro Energy. Ranjit Gupta has been hired as CEO of the platform. With a strong background in the Indian energy sector, Gupta is building a strong team to lead the business.
Ostro Energy’s first project is Tejuva, a 50.4MW wind project, already under construction in the Jaisalmer district of Rajasthan. On completion, the platform aims to provide 800MW of capacity across several Indian states by 2019.
Ostro Energy is the fifth such energy platform that Actis has created recently, following Globeleq Meso America in Central America, Zuma Energia in Mexico, Aela Energia in Chile and Atlantic Renovaveis in Brazil. Since 2002, the firm has deployed in excess of US$1.9 billion in 27 energy transactions, across 21 countries, providing energy access to over 30 million people.
Commenting on creating Ostro Energy, Torbjorn Caesar, Partner and Co Head of Energy at Actis, said: “With shortages of coal and gas, plus the environmental and social challenges associated with hydro and thermal projects, renewable energy is fast becoming critical to the energy supply equation in India. We are delighted to help extend and diversify India’s wind energy footprint, drawing on our deep understanding of both India and the energy sector.”
Commenting on the acquisition of the Tejuva project, Ranjit Gupta, CEO of Ostro Energy said: “Tejuva is a significant first step in helping Ostro Energy achieve its objective of becoming a leading wind power company in India. We are looking forward to working with Actis to bring the project to full capacity this year and grow the company’s project pipeline to achieve our business plan objectives.”
Sanjiv Aggarwal, Head of Actis’s Energy Investments in Asia, added: “Actis sees significant potential in the Indian renewable sector. We believe that Ostro will become a leading wind provider in this market. We have a top class team led by Ranjit and look forward to working with them to grow Ostro’s business.”