CW Renewable Energy, the wind energy firm launched by Bristol property entrepreneur John Pontin, is seeking to raise £50m through private equity investment as part of its major development programme in India.
The move follows the signing of an energy supply deal between the Bristol-based firm and KG Fabriks, an India-based clothing manufacturer for major fashion brands and retailers such as Next and New Look.
All the energy for KG Fabriks’ spinning arm now comes from CW Renewable Energy’s Indian turbines.
CW Renewable Energy installed its first turbines in India in 2008 and now has a dedicated management team in the country with a proven track record in the renewable energy sector to maximise the wind energy-related business opportunities.
CW Renewable Energy chief executive Wendy Stephenson said: “We are now looking to expand our wind generation capacity quickly to build on the platform we have so far created. Through attracting £50m we want to be in a position to be generating 250MW within the next two to three years.
“We have focussed our development sights on India as the need for power is an essential priority for the government, which has set ambitious targets to address the chronic energy shortages, particularly in rural areas.
“It is looking to treble clean energy capacity by 2017 and wind turbine manufacturers and other investors are responding by ploughing money into creating a grid structure in the country that will transmit the increasing supply of wind power more efficiently.”
The company has also recently appointed Andrew Poolman as a non-executive director to develop its financial strategy, including providing advice and support on corporate finance. Mr Poolman, previously managing director of De Beers’ Swiss operations, has more than 30 years’ experience in a number of financial, treasury and management roles.
As well as providing a return to private equity investors, CW Renewable Energy will also be reinvesting a sizable proportion of each year’s profit into additional turbines, as well as social and environmental projects in India and the UK via its Bristol-based charity arm, The Converging World.
Founder Mr Pontin, whose JT group transformed Bristol’s Harbourside, is among the UK’s foremost ethical entrepreneurs.
