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Applied Solar Technologies raises $40 million

Delhi-based solar power company Applied Solar Technologies (India) Pvt. Ltd (AST) has raised $40 million in a fresh round of funding led by Future Fund, the Australian government’s sovereign wealth fund. AST’s existing private equity investors Bessemer Venture Partners (BVP), Capricorn Investment Group and World Bank investment arm International Finance Corp. (IFC) also participated in the round. The deal comes in the back of a government initiative to raise India’s solar power capacity to 100 gigawatts (GW) by 2022 from around 3 GW now. The government estimates the sector will need about $100 billion in investment to achieve the target.“We closed a $40 million round in AST recently. Future Fund led the round and all existing investors part.....

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