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Green energy developer Virtuaal Infra Power has entered into two compulsory convertible debenture (CCD) facilities with Singapore- based Infra Co Asia of up to $1.8 million and $3.2 million.
The association will support Virtuaal Infra Power in the development of two run-of-the-river small hydro projects in Arunachal Pradesh, according to a press statement.
Through this investment, InfraCo Asia is making its foraying into the Indian renewable sector in sustainably developing projects. The company will produce 23 MW power through the Keyi Hydro Power Project and 14.5 MW through the Pareng Hydro Power Project.
Each project is being developed under a special purpose vehicle (SPV). The Keyi project is estimated to have an annual gross generation of 120.98 GWh while the Pareng project is projected to generate 78.89 GWh annually. On the funding, Vikram Aggarwal, Managing Director, Virtuaal Infra Power, told BusinessLine , “It is an equity infusion. InfraCo Asia will be a co-developer with Virtuaal Infra Power for these projects. Their investments are project specific and the plants will be commissioned by 2019.”
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