Mumbai-based CF&R Energy is seeking USD 150m in equity capital to fund the development of a 1 GW wind-solar hybrid portfolio that includes power storage, two sources familiar told Infralogic.

It has hired investment bank Avendus Capital, which launched the fundraise process about a week earlier, the sources said.

CF&R Energy was established by Founder and Managing Director Vijay Agarwal, along with a strategic investor, which the sources said is a well-known name in India’s renewables sector. They declined to identify the investor.

Milind Agrawal from Global Infrastructure Partners (GIP) joined CF&R Energy about 10 months earlier as its co-founder.

The 1 GW portfolio comprises 600 MW across three projects that will cater to the commercial and industrial segment, and another utility project of 400 MW. These are all at an advanced level of development and will be commissioned in stages over the next 30-36 months.

The second phase will have another 2 GW of capacity, which is planned to be shovel-ready in June 2027.

Vijay Agarwal is an infrastructure veteran who has spent more than 30 years growing and exiting multiple ventures across different parts of the sector.

His experience includes advising on the incubation and sale of a wind IPP platform as well as roles in local developers Gammon Infrastructure and GVK Group and at Lehman Brothers and Larsen & Toubro.

CF&R Energy and Avendus did not respond to requests for comment.