Virtuaal Infra Power in Hydro Win
New Delhi: Virtuaal Infra Power Pvt Ltd on Wednesday announced that it has entered in to an understanding with Singapore-based Infra Co Asia Development Pte Ltd to raise 5 million (Rs 34 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 Arunachal Pradesh. 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,” an official statement said.
Vikram Aggarwal, managing director, Virtuaal Infra Power said, “The association with InfraCo Asia, will aid in developing the projects undertaken by VIPL and strengthen the electricity supply in North East India.”
Signing of joint investment and development agreements marks InfraCo Asia’s foray in India’s renewable energy sector.