World bank investment arm International Finance Corporation (IFC) and a fund managed by Global Environment Fund (GEF) are looking to invest up to $11.5m in Indian energy efficiency company Kalki Communication Technologies.
The deal would include an initial investment of $4.5m and a further $7m through the second and third financing rounds. GEF will invest through its South Asia Clean Energy Fund. IFC is investing $1.35m in the first round of financing through a quasi-equity or convertible instrument.
Founded in 1998 and based in Bangalore, Kalki provides standard-based control, communication and computing products to OEMs, system integrators and end users in the energy industry.
Its products and services monitor, manage and optimise energy generation and transmission assets for public utilities and industrial customers in more than 30 countries. It has a product development centre in Kochi and offices in UAE and the US.
The IFC is also currently looking to set up a $100m Asian debt fund to help develop microfinance institutions in the region. The firm said it will invest up to $20m in mezzanine shares for the fund, while $25m is hoped to be raised through donor-funded concessional funding.
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