MUMBAI: Venture Capital (VC) funding in the wind sector amounted to $57 million in six deals in the third quarter of 2012 as compared to a weak second quarter where $17 million went into three deals, according to Mercom Capital Group, llc, a global clean energy communications and consulting firm.
Disclosed VC deals this quarter included $21.5 million raised by Mainstream Renewable Power and $15.3 million raised by Trishe Developers, both wind project developers.Announced large-scale project funding in Q3 2012 totalled $1.1 billion in 11 deals, all going to onshore projects, said the report.
Top large-scale project funding deals announced in the third quarter included $350 million raised by Nareva Renouvelables and Kharabel FZE for its 300 MW Tarfaya Wind Project in Morocco, $165 million raised by Alto Holding for its 120 MW Karaburun Wind Farm in Turkey, and $141 million raised by NuPower Renewables for its 150 MW onshore wind farm in India. Other top deals were $86 million raised by InfraVest and wpd for its 53 MW Tongyuan Wind Project in Taiwan and the $85 million loan to Newcom for its 50 MW Salkhit Wind Farm in Mongolia.
Corporate M&A activity in Q3 2012 amounted to $53 million in 11 transactions compared to $93 million in five transactions in Q2 2012. Mercom said there were four debt funding deals announced in Q3 2012 totalling $359 million. Of these, Suzlon Energy raised $281 million in short-term loans to repay holders of its foreign convertible bonds, signing an 18 month loan facility with 11 lenders. Mainstream Renewable Power, on the other hand, secured a credit facility of $51 million from Macquarie Group. Broad Wind Energy closed on a $20 million credit facility with AloStar Business Credit, and Wind Power Energia received a $7 million loan from Inter-American Investment Corporation.
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