Press for SunBorne Energy
Cambridge, MA-based cleantech startup SunBorne Energy Technologies has wrapped up a $3.1 million equity and rights offering, according to an SEC filing. SunBorne, which is backed by General Catalyst Partners, is developing technology for generating electricity from the sun that is designed to be cheaper than grid power, and is focusing on India as a market. The startup, chaired by General Catalyst managing director Hemant Taneja, brought in $5.1 million in equity-based funding in December 2009, an SEC filing shows.
Gurgaon-based Sunborne Energy plans to invest over $6 billion in India in the next three-four years. In an interview with Sudheer Pal Singh, Chief Executive Officer James Abraham says availability of low-cost technologies and intelligent bidding guidelines are key to the success of National Solar Mission. Edited excerpts:
Sunborne Energy, which was founded with seed capital from General Catalyst Partners, is planning to raise $ 25 million (approximately Rs 111.80 crore) to finance a slew of solar electric projects the clean energy firm is planning to set up in Andhra Pradesh and Rajasthan among ther states. The company has chalked out plans to set up solar power projects in states like Gujarat, Rajasthan and Andhra Pradesh. The overall cost of the projects is estimated to be about $230 million (Rs 1,028.56 crore). Of which $70 million is estimated as project equity and $160 million as long term debt.
SunBorne Energy Technologies, the Gurgaon-based solar power developer, has planned to set up 700 mw of solar power capacity by 2018. With the average cost of setting up 1-mw solar project being a minimum Rs 15 crore, the total target of 700 mw is estimated to cost Rs 10,500 crore.