Kolkata: Amidst rough winds in the global wind energy sector and transition in Indian wind energy markets, deals of $437.3 million (Rs 2348.30 crore) struck during the third quarter.
According to Mercom Capital Group notable Indian transactions included a $15.3 million corporate venture capital funding raised by Trishe Developers, a Chennai-based renewable energy infrastructure company with a focus on wind-power infrastructure development: a $141 million large-scale project funding raised by NuPower Renewables for its 150 MW wind power project in Tamil Nadu: A $281 million debt funding raised by Suzlon EnergyBSE -0.32 % in short-term loans to repay holders of its foreign convertible bonds, signing an 18 month loan facility with 11 lenders.
It also saw acquisition of National Wind, a US-based wind project developer by the Chennai-based Trishe Wind Energy, an international wind energy project developer.
Venture Capital (VC) funding in the third quarter of 2012 amounted to $57 million in six deals compared to a weak second quarter where $17 million went into three deals. 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 totaled $1.1 billion in 11 deals, all going to onshore projects.
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.
Only one of 18 large-scale project funding investors, KfW IPEX-Bank, was involved in multiple deals in Q3 2012. KfW IPEX-Bank was also involved in multiple deals in Q2 2012.
Corporate Merger and Acquisition (M&A) activity in Q3 2012 amounted to $53 million in 11 transactions compared to $93 million in five transactions in Q2 2012. Disclosed M&A transactions this quarter were the $33.2 million acquisition of Shear Wind, a developer of wind energy properties in Canada, by Sprott Power Corp, and the $20 million acquisition of certain assets of Otter Tail Corporation's DMI Industries, a manufacturer of wind towers, by Trinity Industries.
There were four debt funding deals announced in Q3 2012 totaling $359 million. 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 secured a credit facility of $51 million from Macquarie Group. Finally, 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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