New Enterprise Associates (NEA), the $ 11 billion PE major is all set to invest Rs 84 crores in Trishe Developers, a company specialising in creation of Renewable Energy Infrastructure, with a focus on Wind Power Infrastructure.
Confirming the transaction, Ramkhumar Narasimhan, CEO of Trishe said: “This is an important milestone in the history of wind energy business in the country. This is the first time a private equity investment has come into a company which is purely involved in the services business of wind farms. So far, all investments have come into either the manufacturing industry or the asset side of the business. Trishe is currently the only professional company which is offering end to end services in the wind energy sector and we are proud to be associated with a leading private equity firm like NEA”.
Trishe’s services encompass the whole gamut of wind-power infrastructure development including wind resource assessment, acquisition of land, connectivity approvals and permission for building substations, construction of substation, transmission lines, erection and commissioning.
Today, Trishe serves a broad spectrum of clients ranging from Wind Turbine Generators (WTG) manufacturers to Independent Power Producers (IPP). Trishe's first major client was Gamesa Wind Turbines, the Indian arm of the Spanish major Gamesa Corp, the world’s third largest wind turbine manufacturer. Trishe has so far commissioned 200 MW of wind farms for Gamesa and is in the process of developing an additional 200MW. Trisheis also working with Vestas, the world’s largest manufacturer of Wind Turbines and Indian Energy Limited (IEL) an emerging IPP.IEL had earlier announced in January that they planned to develop 1000MW of wind projects along with Trishe.
Trishe has agreements in place for 1750 MW of wind power and discussions are on with several other corporate including several offshore business houses with interests in India.
Trishe was started in 2011 by Narasimhan who was earlier the CEO of wind division of Orient Green Power Limited. Narasimhan had built Orient Green Power to be a 220 MW producer of wind energy which listed on the BSE in October 2010. Its vision is to become the largest renewable energy infrastructure developer in India and other attractive markets and reach 4000 MW in cumulative development by 2015. .
Trishe has achieved a Turnover of Rs 1,278.6 million during the first full year of commercial operation with a Profit of INR 361 million and has ambitious plans for growth and is targeting revenues exceeding INR 4 billion in the current financial year.
NEA provides venture capital to help innovative entrepreneurs and business leaders build transformational, industry-leading companies around the world. The firm has $ 11 billion in Committed capital with 170+ IPOs and 280+ Mergers and Acquisitions in its 30 year track record of success. The firm has a large portfolio in Energy Technology with investments in companies such as Bloom Energy (solid-oxide fuel cell manufacturer),OPower (Energy efficiency analytics platform), Sunniva (high-efficiency solar cell manufacturer) and Series Energy (manufacturer of green building materials). Its India portfolio includes FSS (India’s largest payment transaction processing company), Nova Medical Centers (multi-speciality day-care surgery and IVF chain) and Airworks (aviation MRO services for corporate and commercial aircraft).