Mumbai, Jan 12 (PTI) Anil Ambani Group''s venturecapital arm Reliance Venture Asset Management (RVAM) hasforayed into the strategic cleantech sector and announced aninvestment in the biomass energy start-up AllGreen Energy.
Along with an affiliate of General Electric (GE), RVAMhas completed the Series A funding for the Bangalore-headquartered AllGreen Energy, a release issued here by RVAMsaid, adding this is the first investment by the fund in thestrategic cleantech space comprising wind, solar, hydel.
AllGreen will utilise the funding for its 6.4 MWbiomass project--which involves utilising agricultural wasteto generate power--in Tamil Nadu''s Perundurai and the companyintends to establish more such projects in the country in thenext 10 years totalling nearly 100 MW of installed capacity.
"The demand in India, for energy from renewablesources has become pressing. The (Perundurai) project will bethe largest Biomass Integrated Gasification Combined CyclePower based plant in India," RVAM''s Chief Executive HarshalShah was quoted as saying.
Nuancesof the deal, including valuations and thestake bought, were not immediately disclosed.
The company will generate revenues from producingrenewable power, selling by-product charcoal, sale of carboncredits; while the heat generated will be used to power coldstorage facilities, it added.
This is the sixth investment by RVAM this fiscal andRVAM''s current investment portfolio comprises 15 companiesin various sectors.