Punjab Renewable Energy Systems Pvt. Ltd. (PRESPL) welcomes Shell as new equity partner
Aug 30, 2019: Indian biomass-based energy company Punjab Renewable Energy Systems Pvt. Ltd. (PRESPL), has raised private equity investment from Shell. responsAbility was the first to invest during the company’s ‘Series-A’ in Sep 2013, followed by a ‘Series-B’ investment from Neev Fund in April 2019. With this follow-on fund investment by Shell, the ‘Series-B’ round of PRESPL stands fully subscribed & closed with equity investment of INR 550 mn.
Intellecap’s Investment banking Group served as the exclusive investment banker for these investments in ‘Series-A & B’.
PRESPL, an end-to-end Bio-Energy Solutions Company, is a Pioneer and Leading company in this Sector with good repository of Biomass Assessment, refined processes for Biomass Aggregation and Logistics, O&M and BOOT contracts with reputed industries as long-tenor Steam Purchase Agreements (SPA). It also has rich experience in Briquetting industry, Co-Generation Plants and Biomass IPP. PRESPL has now partnered top companies for manufacture of biofuels such as Bioethanol, Bio-CNG, Drop-in Fuels, etc, as the key Biomass Supply Chain Manager; owing to it’s rural-friendly Business Models with experience to handle a supply of over 1,000 MT/day with an anticipated scale-up to nearly 10,000 MT/Day in the next few years.
India produces over 500 million tonnes of surplus biomass every year, most of which is usually burnt in the fields contributing majorly to air pollution. This surplus biomass is the actual renewable (energy) raw material which is being harnessed for energy and is the backbone of the business model of PRESPL. PRESPL acknowledges the “Ann-data se Urja-data” as rightly mentioned by the Hon’ble Prime Minister Shri Narendra Modi from the Red Fort on 15th Aug 2019 and Finance Minister Smt Nirmala Sitharaman in her maiden budget speech.
On this funding from Shell, Lt. Col. Monish Ahuja (Retd), Managing Director, PRESPL said, “We are pleased to have the support of a global energy company like Shell in addition to the cohort of our existing investors responsAbility and Neev Fund and see this as a recognition of the business model of PRESPL, which may provide impetus for the Bio-Energy Sector in India and also to PRESPL in particular which is focused on the Bio-Energy spectrum. The investment from Shell will be utilized for business expansion in the Bio-Energy Sector and Biomass Supply Chain Management space in India; aiming to emerge as the strongest player in India to tackle the issues of climate change through bio-mass waste.”
Speaking on this investment, Mr. Nitin Prasad, Chairman, Shell Companies in India said, “These partnerships help deliver the solutions society will need to meet energy demand while reducing carbon emissions. PRESPL’s biomass collection expertise supports rural development and contributes towards sustainable economic development. Shell is keen to play an active role in the energy transition in India, supporting economic growth with more and cleaner energy solutions”.
Gagandeep Bakshi, Director & Head – Investment Banking, Intellecap, said “We are very delighted to be the sole banker to PRESPL in their journey and would continue to provide our support of PRESPL’s commitment to cut carbon emissions through effective and sustainable use of biomass agri-residue”
|Hindu Business Line|