Bristol-based Converging World Renewable Energy (CWRE) has secured investment of more than £1.2m to finance its wind energy development programme in India.
The funding includes 60% bank finance and a loan of £250,000 from Big Issue Invest, the magazine’s social investment arm. CWRE, which was set up by Bristol property developer and social entrepreneur John Pontin, will use the funds to take its wind turbines to four with a generating capacity of 4.5MW.
It is now seeking a further £6m in private equity investment to develop another 12 turbines to lift capacity to 30MW.
Chief executive Wendy Stephenson said: “The fact that we have secured such financial support from the bank and an established organisation such as Big Issue Invest reflects the robustness of our business model.
“We now want to build on this momentum to deliver the next stage of our growth so we can maximise the wind generation business opportunity in India for the benefit of our financial backers, as well as local communities in India and the UK.”
CWRE was formed four years ago and has since raised £200,000 through crowd funding.
