SBICap Ventures’ Neev Fund is set to infuse about $5 million in renewable energy firm Punjab Renewable Energy Systems (Prespl) to acquire a significant minority stake in what would be the Series-B funding round.
Prespl has also commitments of an additional $3-5 million funding in the same Series-B round from a different investor.
Prespl, which was incorporated in 2011 to exclusively cater to the biomass fuel needs of Punjab Biomass Power, has expanded its operations into different verticals over the past few years.
