The Aureos South Asia Fund has completed a USD8m investment in Auro Mira Energy, a renewable energy generation company in India.
Aureos South Asia Fund is managed by Aureos South Asia Managers, a subsidiary of Aureos Capital.
This investment is the 11th made by the fund.
Auro Mira was founded in 2005 and currently has two sites in India generating renewable energy using biomass for sale to corporates across the country. The company has commenced four new renewable energy projects to attain 100 MW generation capacity by 2012. The investment by Aureos South Asia Fund will enable Auro Mira to complete these projects as well as to acquire land and licences for further new projects.
Balaji Srinivas, managing partner, Aureos India, says: “Auro Mira is a company that has already enjoyed tremendous success and has ambitious expansion plans to make sure it is well equipped to meet the inevitable surge in demand for renewable power across India. We are delighted to have made this investment and look forward to working closely with Auro Mira to meet its expansion targets.”
N Srinivasan, chief executive officer of Auro Mira, adds: “Auro Mira’s next step is to ensure that the company is perfectly poised to take full advantage of the forecast upturn in demand for renewable energy. The next phase of our expansion will quadruple our output capacity and the investment from Aureos will be a key boost to help us realise this aim. In addition we have been very pleased with Aureos’ commitment and enthusiasm to our plans to expand future operations in hydro power generation and other clean energy forms.”
