Sunborne Energy, which was founded with seed capital from General Catalyst Partners, is planning to raise $ 25 million (approximately Rs 111.80 crore) to finance a slew of solar electric projects the clean energy firm is planning to set up in Andhra Pradesh and Rajasthan among ther states. The company has chalked out plans to set up solar power projects in states like Gujarat, Rajasthan and Andhra Pradesh. The overall cost of the projects is estimated to be about $230 million (Rs 1,028.56 crore). Of which $70 million is estimated as project equity and $160 million as long term debt.
According to information available with FE, Sunborne is planning to raise a total of $24.8 million to fund the project development activities for its first few projects. While $18.9 million would be raised as equity, the balance $5.9 million would be raised as compulsorily convertible debentures. Though the exact size of the projects is not yet known, it is learnt that Sunborne might look at developing and financing 1 x 15 MW Photovoltaic (PV) project and 1 x 50 MW concentrated solar power (CSP) project in the next 12 months.
The firm has decided on the locations keeping in mind the solar resource.