Punjab Renewable Energy Systems Secures US$ 5 Million In Funding

In Bio, Clean Fund, News, Renewable Energy

Neev Fund, backed by SBICAP and UK Government’s Department for International Development (DFID), has announced a private equity investment of US$ 5 Million in Punjab Renewable Energy Systems Pvt. Ltd. (PRESPL).

Punjab Renewable Energy Systems Pvt Ltd (PRESPL) is an end-to-end biomass value chain management company involved in collection, processing, storage and supply of biomass (agri- residues) such as paddy straw, cotton-stalk, soya-husk, maize-cob, mustard stalk etc. to biomass-based power plants and process industries such as pharmaceuticals, Distilleries, Sugar etc.

The company provides bio-mass as a raw material to clients for energy or conversion into biofuels. It is a dominant player in the bioenergy supply chain management industry with experience to handle a supply of over 1,000 MT/day.

The investment will be utilised by PRESPL for business expansion in underdeveloped states and regions of the country in the area of biomass supply chain to enable safe and sustainable environment.

PRESPL’s farm-to-fuel proposition strengthens the clean energy focus for the fund. This will be the tenth investment for SBI and DFID backed Neev Fund and fourth in the clean energy sector.

Intellecap served as the investment banker for the deal.

Reference- Business Standard

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