In order to ensure the smooth completion of its on-going projects and also meeting investment requirements of its expansion plans, renewable energy producer Green Infra Ltd has decided to generate Rs.500cr from Piramal Enterprises Limited in a structured deal involving debt and equity components. The group is interested as an independent power producer in the renewable energy domain, said sources claiming that the funding will be separate from the $50 million debt facility that Green Infra recently received from International Finance Corporation, the private sector investment arm of the World Bank, and Standard Chartered Bank to build two solar power plants in India. In fact, the Green Infra's plans include becoming a 5,000MW renewable energy company by 2015 with operating assets of 3,000MW plus 2,000MW in development. This will largely be through wind energy, followed by hydro, solar and biomass.
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