Coimbatore-based Leap Green Energy, an independent power producer, plans to raise up to $500 million equity from sovereign funds, said an official.
“We are planning to raise between $300 million and $500 million over the next six months to meet the fund requirements of our expansion plans,” said Rajiv Karthikeyan, founder and MD, Leap Green Energy Pvt. Ltd.
Floated by the members of Formula 1 racer Narain Karthikeyan, the firm is primarily into energy production through onshore windmills. Setting up offshore projects is also on the cards, he said.
“Today, we have an installed capacity of 760 MW and are planning to increase it to 5 GW by 2022-23. Going forward, we might get into solar and hybrid. Even then, wind energy would be our main focus,” he said.
Currently, Leap Green Energy is operating in Madhya Pradesh, Rajasthan, Tamil Nadu, Maharashtra and Gujarat and is planning to enter more states. Right now, it has wind assets worth 760 MW, added mostly through acquisition and another 400 MW worth projects would be executed in 14 months, taking the total tally to 1.2 GW.
Leap Green has been providing State-wise forecasting for Tamil Nadu and it works closely with Wind Power Associations and Industry bodies along with Tamil Nadu Electricity Generation and Distribution Corporation Ltd., he said.