Petron Group & PLG Clean Energy Announce Strategic Partnership to Fund $165 Million Into Solar Projects in South Asia
Petron Group LLP., a leading private equity firm specializing in renewable energy, and a South Asian developer, and owner of solar parks, recently announced a new strategic partnership to fund solar projects in South Asia with a total capital commitment from Petron Group of 215 Million dollars.
As part of this partnership, Petron will invest $165 million in the construction of approximately 170 megawatts AC of solar projects in South India.Petron has allocated an additional $50 million for secondary market opportunities in Nigeria and Cameroon, subject to due diligence and other necessary approvals. Beyond this capital commitment, both parties have agreed in principle to collaborate on identifying and acquiring suitable renewable Energy assets.
“We are delighted to be working with a leading specialized private equity fund that has in depth experience in the renewable submarket,” said Kiran Patil, MD of PLG (BS Group Company) “We believe PLG will benefit from Petron’s long tenure as an investor in the renewable energy sector and unmatched industry experience in this strategic partnership.” “We are excited about our partnership with PLG, a company with deep power development expertise throughout South Asia,” said Isaac Udotong, Managing Partner of Petron Group. “They have developed a portfolio of high-quality assets in India, and we expect to see tremendous growth in this region over the next couple years, So this is an excellent addition to our portfolios.”