Blackstone Group invests Rs1,350 crore in Moser Baer's energy business
18 Aug 2010
Moser-Baer Projects Pvt Ltd (MBPPL), a unit of optical media giant Moser-Baer (India), today said it has received an investment of Rs1,350 crore ($300 million) from Blackstone Group, the world's biggest private-equity company.
Founded by promoters of Moser-Baer (India) Deepak Puri and Ratul Puri, MBPPL develops power generation facilities with a diverse pipeline of thermal, solar and hydroelectric power projects.
MBPPL develops power assets using conventional and non- conventional sources of energy. The company is currently developing 4000 MW of coal-based thermal power capacity.
The New Delhi-based company has a pipeline of 500 MW each in the solar and hydro segments. Its most advanced thermal power plant is based in Madhya Pradesh and has already achieved financial closure and acquired fuel linkage. It has multiple solar projects in advanced stages of construction in India, while its first solar project outside India was completed in December 2009 in Nordendorf, Germany.
MBPPL plans to commission 5000 MW of generating capacity by 2016 comprising 4,000 MW of thermal, 500 MW of solar and 500 MW of hydro capacity.
MBPL said Blackstone's investment would enable it to emerge as a leading player in the energy sector in India over the next few years.