Date of investment: December 2009

Akshayini Oorja (“AOPL”) has been formed as the centralized management services Company to acquire, develop, design and manage small hydro power projects to build a portfolio of renewable energy assets. To this end, it is identifying viable projects, deploying investments for developing these projects and using the in-house capabilities of the team to execute identified projects in time and on costs.

Post IVFA’s investment, the Company has contracted two projects – Madkini Hydro Power Project of 39 MW in Uttaranchal and Kalanao Hydro Power Project of 5 MW in Himachal Pradesh. It plans to target portfolio size of 250 MW.

• IVFA investment rationale >
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  Opportunity to create a large portfolio of renewable energy projects by partnering with entrepreneurs holding licenses and regulatory approvals but with inadequate financial and implementation capabilities Huge unexploited potential for small hydel power in India Additional benefits like ‘must-run’ status (plants cannot be shut in case of power surplus), capital subsidies to the extent to 10% of capital expenditure; tax exemption for 10 years and eligibility for carbon credits; Opportunity to maximize return, by selling part of the power generated on a merchant basis
• IVFA value addition >
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  Identified and inducted management team COO GM Finance Civil and Electrical Project development heads Led development of IT systems (financial ERP, project management system) to manage multiple projects in different geographies under implementation Led the process of identifying and evaluation roll-up opportunities

Detailed information on the Company is available at www.akshayinioorja.com/