Green energy developer Virtuaal Infra Power Pvt Ltd announced that it has entered in to an understanding with Singapore-based Infra Co Asia Development Pte Ltd to raise 5 million (Rs34 crore approx) for funding two hydro power projects in Arunachal Pradesh.
“The two Compulsory Convertible Debenture (CCD) facilities of up to $1.8 Million and $3.2 Million will support Virtuaal in the development of two Run-of-River Small Hydro Projects in India’s North-Eastern state of Arunachal Pradesh. VIPL have been doing its bit to counterstrike issues of carbon foot prints with its ‘Run of the River scheme (ROR) in Arunachal Pradesh,” the company said.
The company will be producing 23 MW and 14.5 MW energy through its Keyi Hydro Power Project and Pareng Hydro Power Project respectively in the state. The association will not only be beneficial to both companies involved but will also lead to the benefit of the society at large, particularly the local population in Arunachal Pradesh.
Elaborating on the significance of this association, Vikram Aggarwal, Managing Director, Virtuaal Infra Power said, “Completing the cycle of Green House gas issues and proliferating an all-inclusive green energy solution, the association with InfraCo Asia, will aid in further developing the projects undertaken by VIPL and strengthen the electricity supply in North East India.”
Allard Nooy, CEO, Infra Co Asia, said, “While our association with Virtuaal Infra Power is touted to unravel a new era in the renewable energy sector and aid our partner with its pioneering Run-of-River small hydro projects, this association also marks our entry into the India market. It will enable us to sustainably develop projects within India’s renewable energy sector. We look forward to working with Virtuaal on the execution and implementation of these projects.”
These opportunities fall under InfraCo Asia’s Co-Development Program, designed to support local developers to meet their pre-financial close project development costs in South Asia and South-East Asia.