The company raised INR1bn ($18m) in the form of mezzanine debt while the remaining as equity by divesture of a stake.
UTI Capital purchased a 16.98% stake in the company for INR500m ($9m) while existing investors VenturEast and Draper Fisher Jurvetson made an additional investment of the same value, reported the Economic Times.
The secured funds will be employed by the company to acquire DLF’s 160MW wind assets in the states of Gujarat and Karnataka.
BLP’s acquisition is consistent with its objective of having a 1GW wind power portfolio by 2016 – via co-development and green-field ventures, and acquisitions.
Dilution of equity in the company leaves still its promoter, Tejpreet Chopra with a 50% majority stake.
DLF had earlier expressed its intention to offload its wind power assets worth INR9bn ($167m) to cut some of its losses.
