ePlanet Ventures has invested $4.8 million in Auro Mira Energy Co. Private Ltd, a clean energy company in India. The investment was part of a $21 million second round of funding.
ePlanet Ventures II, LP has made a $4.8m investment in Auro Mira Energy Company Private Limited (AME), one of the fastest growing clean energy companies in the Indian sub-continent. This was part of a $21m second round of funding. A consortium of private equity investors participated, including Aureos South Asia Fund and International Finance Corporation (IFC).
Auro Mira was founded in 2005 with funding support from a PE Fund advised by Baring India and currently has two sites in India, generating renewable energy using biomass for sale to corporates across the country. The company has aggressive expansion plans and has commenced four new renewable energy projects in the small hydro and biomass sector to attain 100 MW generation capacity by 2012. It currently has two operating biomass projects of 7.5 MW and 10 MW in size. The investment by the three private equity investors will enable Auro Mira to complete these projects as well as acquire land and licences for further new projects.
Asad Jamal, Chairman and CEO, and Chandrasekar Kandasamy, Managing Director, ePlanet Ventures, announced, “India is a key part of our overall investment strategy and we believe the power sector will outperform over the foreseeable long term. Auro Mira is a very promising play in this context and we are very confident of their ability to build a large power generation business from renewable sources. We are very pleased to partner with them in the journey ahead and contribute to their growth with our global expertise.”
About ePlanet Ventures
Established in 1999, ePlanet Ventures pioneered the development of a truly global venture and growth capital business model. It was the first venture capital firm to utilise a global model with offices in Asia, Europe and the United States. ePlanet Ventures provides superior returns to investors by making private equity investments on a global basis. ePlanet consists of a team of more than 30 professionals across the globe in offices located in Beijing, Bangalore, Seoul, London and Silicon Valley. The firm is also represented in Hong Kong, Shanghai, Kuwait and Tokyo and is one of the leaders in catalyzing migration of business models and technological innovation, from developed markets to emerging markets. ePlanet Ventures has made over 100 investments across the globe since inception, including success stories such as, for example, Baidu, Skype, Focus Media and Kong Zhong and the firm’s portfolio companies have achieved an aggregate market value of over $30 billion. The firm has won the China Venture Capital Association Exit of the Year 2005 Award for Baidu, and the European Venture Capital Association Deal of the Year 2006 Award for Skype, and has been profiled in FORBES Feb. 2007 as a ‘Pioneer in Global Venture Capital.’ Our portfolio investments in India include Trivitron Healthcare, Manthan Systems, Sree Ramcides Chemicals, Continental Warehousing Corporation (Nhava Seva) and Medfort Hospitals.