Clean energy provider Auro Mira Energy (AME) announced that it is looking to sell power generated from its two plants in Tamil Nadu: a 10 MW biomass plant at T. Kalupatty and a 7.5 MW biomass plant in Pudukottai. Founded in 2005 in Chennai, the company is presently focusing on biomass, small hydro and wind sectors. AME plans to invest $ 900 million to develop, own and operate more than 1000 MW in clean energy, and to develop more than 15,000 acres of energy plantations in the next five years.
Currently AME is in talks with a couple of private equity funds overseas to raise up to $100 million. Baring Private Equity, which holds the majority stake in the company, invested around $50 million in 2006 and evinced interest to invest $20 million more.