Sandview receives $50 million equity commitment for India projects from Folium Energy
PR Log - Jan 08, 2013 - California, US -- Sandview Development corporation, a California based solar energy developer today announced that it has received a funding commitment for $50 million in new equity financing for its India projects from Folium Energy, LLC, a Texas based energy finance and development company. Folium Energy will be establishing an India based operation in conjunction with its previous partners in order to properly manage the operations overseas. Inspirra Energy, an independent advisory firm in the energy and utilities industry, was the advisory on the transaction.
Under the financing commitment, Folium Energy will advance the equity and short-term construction financing for credit worthy projects. The projects will be securitized by the Power Purchase Agreement and equipment for captive client solar installations.
Sandview Development, working with its Indian affiliate company Sunergy Greentech Private Limited, having its registered office at Jaipur, Rajasthan and providing India-based development, execution and management of projects in India, are in the process of securing the projects and implementing the construction plans. Over the past two years, Sunergy has conducted pre-development activity to define and position Sandview and Sunergy strategically in the India solar energy market. The funds will be used to build more than 55 megawatts (MW) of solar projects throughout India.
“We are pleased to partner with Folium Energy through the critical milestones and towards the successful financing of the India solar facilities”, said Sandview’s President Charles Schaffer. “Partnerships like this create new local jobs and help organizations generate solar electricity at the source of demand and avoid the growing electricity shortages in the country”.
“Given the desperate need for electricity and rising cost of diesel, distributed generation is critical for the growth of business in India”, said Koustuv Ghoshal, CEO and Managing Partner of Inspirra, Inc., a global renewable energy and smart grid advisory firm with successful power infrastructure project implementations in the U.S., India and other regions. “The challenges in the power sector continue. India is facing a power deficit of 9 percent and this is likely to continue over the next few years”.
“We understand the importance of renewable energy and are motivated to work with entrepreneurial solar developers such as Sunergy-Sandview, and energy & utilities industry experts such as Inspirra Energy, to finance projects that allow organizations to take advantage of the benefits of solar energy”, said Adam Ibarra, Vice President of Finance of Folium Energy. “Our mission is to accelerate the adoption of renewable energy at low or no upfront cost to the client; Sunergy-Sandview are strategic partners in India to turn that goal into reality.”
FOLIUM ENERGY, LLC, is an independent power producer and project developer active throughout the renewable energy sector. Our expertise is the development, financing, construction and operation of energy generation and storage facilities. With the global push towards cleaner and more efficient ways of producing electricity, Folium Energy is leading the charge. Our company’s experience, innovative approach, business partners, and sponsorship have caused a growth that can only be measured by leaps and bounds
SANDVIEW DEVELOPMENT CORPORATION, is a renewable energy development company specializing in project siting, economic analysis, zoning, permitting and project management of turn-key Installations and on-going operation of the solar generating asset. Our clients require solutions for harnessing the Sun’s energy and turning it into economic results.
INSPIRRA ENERGY (a division of Inspirra, Inc.) is a US-based independent strategic advisory firm in various aspects of the mid-market energy sector – specifically in the areas of Smart Grid, Renewables, Energy Efficiency, and power infrastructure development. Our clients include energy technology firms, Independent Power Producers, Energy & Utilities companies, Venture and Private Equity firms globally.