India's Jakson Green closes to $476 million in funding for renewables capacity expansion
Krishnan Kannan, the Joint Managing Director of India's Jakson Green, said that they are closing in on raising more than 40 billion rupees ($476.4 millions) to expand their renewable energy capacity.
By early 2026, the privately-held company will have an additional 1 gigawatt of capacity.
"We're working with a partner strategic to attract the investment." Kannan said that the investment for this 1 GW will be approximately 40 billion rupees, with a mix 75% of debt and 25% of equity.
He added that the company has advanced discussions with green energy funds, and hopes to complete its fund-raising by November.
The company is a part of the Jakson Group, which also manufactures solar modules and cells through a unit called Jakson Solar.
As the government strives to reduce carbon emissions by adding at least 500 GW clean energy to the grid by 2030, a growing number of Indian firms are increasing their renewable energy capacities and raising money.
Kannan stated that Jakson Green also plans to add renewable energy capacity of 1 GW per year for the next 5 years. The company will raise money according to its needs.
Jakson Green won renewable energy projects worth more than 1 GW from the Indian Government, including Solar Energy Corporation of India (SECI) and NHPC. In July, it received a credit line from First Abu Dhabi Bank to finance its international expansion.
The company has signed an agreement to finance Jakson's energy projects with the Indian state-owned infrastructure bank REC. $1 = 83.9630 Indian Rupees (reporting by Sethuraman N R; editing by Sonia Cheema).
(source: Reuters)
