IDFC Private Equity invests Rs. 400 million in Emergent Ventures India

Company Brief

Gurgaon, April 06, 2008

Emergent Ventures India Pvt. Ltd. (EVI), one of India’s leading carbon credit advisory firms, announced today that it has raised INR 400 Million from IDFC Private Equity Fund II a fund managed by IDFC Private Equity (IDFC PE).

EVI provides comprehensive solutions under the UN Clean Development Mechanism (CDM) program, which range from project origination to assistance with project implementation and the monitoring/delivery of certified emission receipts (CERs) and voluntary emission receipts (VERs) in the domestic and international carbon market. IDFC PE’s investment will be drawn on to enhance EVI’s existing businesses in South and Southeast Asia and to build the company’s engineering, procurement and construction (EPC) capabilities as well as innovative financing backed by carbon credits. As part of this expansion, EVI will provide project developers with integrated financial and technical support to complete projects in time, with the right technology and with competitive and assured cost levels. EVI will seek to leverage its leadership in the carbon credit financing space to enhance overall project returns.

Mr. Vinod Kala, EVI’s Founder and Chief Executive, speaking on the occasion of this landmark transaction, said, “We are delighted to have IDFC PE as an investor and strategic partner. We are excited about the substantial opportunities in clean and renewable energy, where we have already established a reputation of trust and credibility with our customers. With IDFC PE’s support, we will be able to rapidly scale up our business and build a leading global business around the theme of sustainable solutions for the environment.”

This transaction reaffirms IDFC PE’s commitment to the area of environment friendly infrastructure solutions. In November 2007, IDFC PE led a consortium of reputed international investors including GIC Special Investments and CDC Group plc, to invest USD 100 million in PV Technologies India Ltd., the solar cell manufacturing arm of Moser Baer, the world’s second largest manufacturer of optical storage media. IDFC PE also invested Rs. 350 million in Doshion Ltd., a leading water and waste water management company in India, which recently announced a joint venture with Veolia Water Solutions, part of the world’s largest water management company. IDFC PE has also invested in natural gas pipelines through Gujarat State Petronet and Krishna Godavari Gas Network.

Satish Mandhana, Managing Director - Investments, IDFC PE, commented, “We have been actively exploring investment opportunities in the area of clean and renewable energy and are happy to partner with EVI, a young company that has, in less than three years, established itself as a leader in this space. We look forward to partnering with EVI in delivering green solutions for a better tomorrow.”

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