YES Bank to set up clean energy tech fund

Mumbai: The Mumbai-headquartered YES Bank and Global Environment Fund plan to set up a clean energy technology fund focused on South Asia with a corpus of $300 million.

The bank would hold 35 per cent stake in the fund, which is expected to make its first investment by March 2009, said Mr Somak Ghosh, Group President, Corporate Finance and Development Banking, Yes Bank.

The bank also plans to launch 2 to 3 private equity funds in 12 to 18 months, said Mr Ghosh, speaking at the sidelines of a press conference held to announce the tie-up between YES Bank and Windlab Systems, Australia.

After the first stage of financial closure is achieved for the fund, the bank also plans to launch a social enterprise fund, with a corpus of $65 million, and an infrastructure fund with a corpus of $350 to $400 million.

YES Bank would invest 2 to 5 per cent in these funds, with the balance amount being raised from overseas investors, added Mr Ghosh.