Return to search

Olympus invests in Indian renewable energy

Asia-focused Olympus has teamed with US venture firm Bessemer on a $55m investment in Orient Green Global.

Olympus Capital Holdings Asia has led a $55 million investment in Orient Green Power, an Indian renewable energy generation company. Olympus invested $35 million in the company while Bessemer Venture Partners and Shriram EPC invested $10 million each.

Shriram EPC and Bessemer Venture Partners founded Orient Green Power in 2006 with the objective of owning and operating a portfolio of renewable energy projects. 

“The company offers a strong platform for the consolidation of renewable assets in a country that is short of power,” said Gaurav Malik, managing director of Olympus Capital in India.

The recent investment will help the company set up and acquire power generation assets based on sources such as biomass, cogeneration, wind, small hydro and biogas. It currently operates wind energy and biomass assets with a capacity of 70-megawatts. Orient Green Power is currently implementing projects with a capacity of 146-megawatts and it wants to increase its capacity to 500-megawatts over the next five years.

Olympus Capital focuses on investments in the manufacturing, agribusiness, business services, environmental services and financial services sectors. It has invested approximately $1.3 billion in about 30 companies around Asia. This is the firm’s fifth investment in India.

Bessemer Venture Partners is a US-headquartered venture firm that has made 20 investments in India since 2004. Its Indian offices are located in Mumbai and Bangalore.

Bessemer Venture Partners invested in Shriram EPC, which provides engineering services in the infrastructure sector, in 2006. Shriram EPC went public in 2008.