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Sri Lanka's Board of Investment has approved the two wind power plants of AdGreen Energy to be built in <keyword id="248936" type="General" weightage="80" keywordseo="mannar" source="Orion">Mannar</keyword> and Pooneryn at a total investment of USD 442 million. According to the statement released by the Board of Investment of Sri Lanka on Friday, it has issued a letter of approval to <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> Green Energy Limited, for the two wind power plants. Also, the new project will generate 1,500-2,000 new employment opportunities. The wind power plant in Mannar will operate at a capacity of 250 megawatt (MW) while the wind power plant in Pooneryn will operate at a capacity of 100 MW. The two wind power plants of 350 MW are scheduled to be commissioned in two years and accordingly, will be added to the national grid by 2025. <keyword id="82981" type="General" weightage="50" keywordseo="fitch" source="Orion">Fitch</keyword> Ratings on Thursday affirmed the 'BBB-' ratings on the USD 400 million senior secured notes issued by the restricted group of India-based Adani Transmission Ltd (ATL, BBB-/Stable). The outlook is stable, the statement from Fitch said. The restricted group includes six co-issuers -- Barmer Power Transmission Service Limited, Chhattisgarh-WR Transmission Limited, Hadoti Power Transmission Service Limited, Raipur-Rajnandgaon-Warora Transmission Limited, Sipat Transmission Limited and <keyword id="16465511" type="General" weightage="50" keywordseo="thar-power-transmission-service-limited" source="Orion">Thar Power Transmission Service Limited</keyword> and one non-issuing Special purpose vehicle (<keyword id="6366358" type="General" weightage="50" keywordseo="spv" source="Orion">SPV</keyword>), Adani Transmission (Rajasthan) Ltd (ATRL). The Dhaka Tribune in a report on Thursday said the Adani Group will supply electricity to Bangladesh for the next 25 years. According to the agreement the company signed with the Bangladesh government, Adani is setting up a power plant in the Godda district of Jharkhand and once the plant starts to produce power, it will supply electricity to Bangladesh. The report added that Bangladesh signed the deal with Adani Power back in 2017. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/googles-impressive-magic-eraser-can-now-be-used-on-apple-iphone-and-samsung-galaxy-devicesheres-how/articleshow/98202224.cms">Google's impressive magic eraser can now be used on Apple iPhone and Samsung Galaxy devices—here’s how</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/what-to-expect-at-this-years-mobile-world-congress-2023/articleshow/98205888.cms">MWC 2023: Here's what to expect at this year’s Mobile World Congress</a>

Sri Lanka okays Adani's USD 442-millon wind power plants in Mannar and Pooneryn

<ul class="summary-list"><li>Alexis Ohanian said his early investment in Ethereum's pre-token sale is now worth $17.1 million.</li><li>The Reddit cofounder called it his best-ever investment.</li></ul>Alexis Ohanian recently revealed his single-best investment — and also some financial moves he now regrets.In a <a target="_blank" href="https://youtu.be/xZOld-6nSM4?si=5neOofH__yXEZUHb&amp;t=4336">podcast interview</a> with venture capitalist Harry Stebbings, the Reddit cofounder said that he made millions from investing early in Ethereum.Ohanian said he invested $10,000 at the company's pre-token sale — which turned out to be a highly lucrative move as the company's cryptocurrency, <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/ether-price-etfs-launch-outlook-crypto-bitcoin-rally-ethereum-2024-7">ether</a> (ETH), is now the second largest in the world by market cap.At the time of the podcast recording, Ohanian said his ether stake is now worth $17.1 million.The <a target="_blank" rel="" class="" href="https://www.businessinsider.com/seven-seven-six-names-ohanian-first-3-operators-in-residence-2021-2">SevenSevenSix venture capital firm</a> founder also said that, along with some ether, he also sold a lot of bitcoin — another profitable move for a more romantic reason."I sold it for a wedding and engagement ring and all that stuff, so it was a good investment," he said.Ohanian got engaged to tennis champion Serena Williams in 2016, and the two married the following year.<h2 id="cbc03656-e129-44b6-a951-f36a11faebcd">Biggest investment regrets</h2>While he successfully predicted Ethereum's rise, financial risks don't always pay off — and Ohanian talked about some examples of when he wished he had exited an investment sooner.Ohanian said one of his biggest investing regrets is Clubhouse, the social audio app that gained mass popularity during the COVID-19 lockdown. The startup raised over $100 million and at one point enjoyed <a target="_blank" class="" href="https://www.businessinsider.com/clubhouse-funding-round-4-billion-valuation-social-media-app-2021-4">a reported $4 billion valuation</a>.The app, which reached over 10 million downloads, inspired competing features such as Spaces on X, then Twitter, and Spotify's Greenroom."I had like the Series A," Ohanian said. "And I remember when that multibillion-dollar round came up, I actually put more money in because I'm an idiot."However, the post-pandemic return to normal life and outdoor socializing hit Clubhouse particularly hard, with daily downloads and <a target="_blank" class="" href="https://www.businessinsider.com/rise-and-fall-of-clubhouse-poster-child-pandemic-hype-2021-11">users dropping significantly</a> by 2021.But the "one that hurt the most" for Ohanian was the online HR platform TriNet Zenefits, formerly called Zenefits.After launching in 2013, Zenefits quickly became one of Silicon Valley's unicorn startups. Within two years, the company raised over $500 million and was <a target="_blank" class="" href="https://www.businessinsider.com/the-inside-story-of-zenefits-2016-3">valued at $4.5 billion</a> until it started unraveling amid <a target="_blank" class="" href="https://www.businessinsider.com/the-inside-story-of-zenefits-2016-3">various controversies</a>.In 2016, Fidelity marked down the value of several startups it had investments in, including Zenefits, by as much as 38%, The Wall Street Journal <a target="_blank" class="" href="https://www.wsj.com/articles/fidelity-marks-down-startups-including-dropbox-zenefits-1459346847">reported</a>."We could have returned the fund once over whenever the Fidelity markdown was," Ohanian said. "Literally putting an SPV together to sell Zenefits, and then the Fidelity markdown happened, and it killed the SPV."

Reddit cofounder reveals his best-ever investment — and his biggest flops

<ul class="summary-list"><li>Elon Musk is raising funds for xAI at a $15 billion pre-money valuation.</li><li>Some investors are being offered access to the deal through SPVs with high fees.</li></ul><a target="_blank" href="https://www.businessinsider.com/tesla-ceo-elon-musk">Elon Musk</a>'s new <a target="_blank" href="https://www.businessinsider.com/microsoft-ai-talent-war-with-google-artificial-intelligence-2024-4">AI</a> startup is luring more investors through special purpose vehicles that charge hefty fees, according to an email sent this week.The message offers a chance to get in on a funding round for <a target="_blank" href="https://www.businessinsider.com/elon-musk-twitter-investment-generative-ai-project-2023-4">xAI</a>, a startup Musk is building out of the company formerly known as <a target="_blank" href="https://www.businessinsider.com/the-year-elon-musk-turned-twitter-into-x-2023-12">Twitter</a>.The startup said it is soliciting investments at a $15 billion pre-money valuation. If it gets the $3 billion in outside investment it is seeking, the post-money valuation will be $18 billion. The email lays out the terms if investors want to take part in the xAI financing round through special purpose vehicles. These SPV structures let different VCs invest together through a single entity. For prospective xAI investors, these commitments come at a cost. For investments of $10 million and up, an investor will get a piece of an SPV that is ahead of other SPVs on the cap table of xAI, making it more attractive. There's a 5% upfront fee, though, along with a management fee of 1%. Carried interest is set at 10%, according to the email.Other amounts invested would increase some of these fees. For instance, the email states that a management fee of 2% and carried interest of 20% may apply in some situations. The email was sent to a wide array of potential investors, according to a person who received it and shared it with Business Insider. Yet, the email said xAI "expects to raise the funds in the next 2-3 weeks on a first come, first served basis.""A significant number of LPs have been waiting for this deal since December 2023," the email said. It added that it has already "secured allocation in the upcoming equity round of x.AI" and that, prior to its "first official funding round, Elon allocated a certain number of shares to his closet circle (a few GPs) at a pre-money valuation of $15 billion."Despite xAI's multibillion-dollar valuation, it remains a small operation led by a handful of new hires Musk has made since last year. One person familiar with the group said it's about 10 engineers working full time with about 5,000 to 10,000 GPUs, a relatively small number of the graphics processing units needed to train large language models.xAI's only product so far is a chatbot called Grok that was trained using Twitter data, including Musk's tweets, so it would sound like him.A representative for X did not respond to an email seeking comment.Are you an X/Twitter employee or someone with a tip or insight to share? Contact Kali Hays at <a target="_blank" href="mailto:khays@businessinsider.com">khays@businessinsider.com</a> or on secure messaging app<a target="_blank" href="https://signal.org/download/"> Signal</a> at 949-280-0267. Reach out using a non-work device.

Elon Musk's xAI is luring more investors through special purpose vehicles charging high fees

<ul class="summary-list"><li>Reddit filed for an IPO, revealing nearly 10% of its shares are owned by entities related to Sam Altman.</li><li>Many news outlets assumed Altman owned all $435 million in stock, but the fine print tells another story.</li></ul>Last week, not long after Reddit made moves toward a public listing, headlines began to appear about an unexpected figure: <a target="_blank" href="https://www.businessinsider.com/sam-altman-chatgpt-openai-ceo-career-net-worth-ycombinator-prepper-2023-1">Sam Altman</a>.Altman, tech's most in-vogue wunderkind and the CEO of OpenAI, owned nearly 9% of Reddit, multiple outlets, including Business Insider, reported. If <a target="_blank" href="https://www.businessinsider.com/reddit-ipo-valuation-targeting-more-than-5-billion-report-says-2024-1">Reddit were to hit the market at its target price</a> of $5 billion, his stake would be worth an eye-popping $435 million, certain publications extrapolated.But a closer read of Reddit's S-1, the document a company files to the Securities and Exchange Commission when it plans to go public, shows that's not exactly accurate. While Altman does likely own enough Reddit stock — <a target="_blank" href="https://blog.samaltman.com/reddit">he's invested</a> in the company, served on its board, and was even its CEO for an eight-day stint — to make any layperson rich, he doesn't appear to own anywhere near what the headlines proclaimed.According to the cap table in Reddit's filing, "Entities Affiliated with Sam Altman" own an 8.7% stake in the company made up of 789,456 Class A shares and 11,369,103 Class B Shares. But just because the shares are affiliated with Altman doesn't mean they are his.In fact, the document clearly states that "Altman disclaims beneficial ownership of these shares except to the extent of his respective pecuniary interest therein.""This is a legal distinction indicating that while he has control over the voting and dispositive control over these shares, he does not necessarily have a direct economic interest in them, except to the extent that he may benefit financially," Chris Harvey, a venture capital fund attorney at Harvey Esquire APC, told Business Insider over email.A footnote in the document explains that those shares are divided among five different entities: Apollo Projects SPV-B, Altman Holdco, Apollo Projects, Apollo Projects SPV-A, and Hydrazine Capital II.These entities represent different types of funds: Hydrazine Capital II is a venture fund, for example, while SPV is short for special purpose vehicle and is a subsidiary of a larger fund.All of the entities other than Altman Holdco, which is an LLC, must file Form ADVs, a type of disclosure form. A look at the forms reveals that Altman is not the sole or majority owner of these entities' holdings. He's listed as a "related person" — in these cases, an investment advisor. At most, he owns 5% of Hydrazine's holdings and 15% of Apollo's. The rest presumably belongs to the funds' limited partners, whose identities are not known in these cases.The way this shakes out means he owns significantly fewer shares than has been reported. For example, Hydrazine Capital II is listed as owning nearly 9.9 million shares of Reddit. But Altman, at most, owns 5% of Hydrazine Capital II's holdings, or 492,720 of its Reddit shares.Applying the logic to the other entities, BI estimates that Altman's Reddit stock outside of Altman Holdco is worth at most about $25 million based on a $5 billion target IPO valuation. If he is the sole owner of Altman Holdco's 965,128 shares — which can't be determined — that would be another $34.5 million. Based on a $5 billion valuation, his total Reddit equity would be worth, at most, about $60 million. It's a substantial sum but a far cry from the $435 million making headlines.Altman's representative did not respond to requests for comment from Business Insider, and a spokesperson for Reddit declined to comment.The various entities point to a side of Altman — Altman the investor — that has receded from view since he has become known to the public as <a target="_blank" href="https://www.businessinsider.com/sam-altman-openai-staff-loyalty-power-chatgpt-microsoft-2023-11">OpenAI's CEO</a>.Over more than 15 years, Altman has made over 155 investments, according to Pitchbook data. These include investments through advisory firms, of which Altman is the managing director of five, according to Form ADVs filed with the SEC. These include venture fund Hydrazine Capital and Apollo Projects, which he <a target="_blank" href="https://www.businessinsider.com/the-altman-brothers-launch-apollo-to-invest-in-moonshot-companies-2020-7">started with his brothers</a>. Investors in his various vehicles reportedly include The University of Michigan and billionaire venture capitalist <a target="_blank" href="https://www.businessinsider.com/who-is-peter-thiel-svb-facebook-trump-biography-2023-3">Peter Thiel</a>.Between 2014 and 2019, the 38-year-old led startup <a target="_blank" href="https://www.businessinsider.com/sam-altman-openai-distinguished-great-mediocre-founders-ycombinator-2023-9">accelerator Y Combinator, where he oversaw the selection process</a> for the prestigious incubator's startups. His investments in that capacity included Cruise, <a target="_blank" href="https://www.businessinsider.com/helion-energy-fusion-company-backed-by-sam-altman-and-microsoft-2023-5">Helion Energy</a>, and <a target="_blank" href="https://www.businessinsider.com/inside-boom-supersonics-own-symphony-engine-powering-overture-jet-2023-6">Boom Supersonic</a>.It's at Y Combinator — as the cofounder of a startup called Loopt, not as its president — that he first met Steve Huffman and Alexis Ohanian, the Reddit cofounders."I have been a daily reddit user for 9 years—longer than pretty much any other service I still use besides Facebook, Google, and Amazon," Altman <a target="_blank" href="https://blog.samaltman.com/reddit">wrote</a> in 2014, announcing an investment in the company. "I was probably in the first dozen people to use the site, and I shudder to imagine the number of hours I have spent there."Whether $435 million or $60 million, it's fair to say that time is paying off.

No, Sam Altman doesn't actually own half a billion dollars of Reddit stock 

<ul class="summary-list"><li>Reddit plans to go public later this month at a targeted share price of $31 to $34.</li><li>Sam Altman, the CEO of OpenAI, has a sizable stake in the company.</li></ul><a target="_blank" href="https://www.businessinsider.com/reddit-ipo-valuation-price-range-sec-wallstreetbets-meme-stocks-2021-2024-3">Reddit, which is set to go public</a> later this month, announced its target share pricing on Monday — and <a target="_blank" href="https://www.businessinsider.com/the-scope-of-sam-altmans-future-ai-empire-open-ai-2024-3">Sam Altman</a> stands to reap a sizable windfall.While his personal shares aren't worth the nearly half a billion dollars that has been reported, they do amount to a fortune.Business Insider estimates that the <a target="_blank" href="https://www.businessinsider.com/sam-altman-chatgpt-openai-ceo-career-net-worth-ycombinator-prepper-2023-1">OpenAI CEO</a> owns a maximum of just about 1.66 million shares of Reddit. With the company's estimated price per share at $31 to $34, <a target="_blank" href="https://www.businessinsider.com/sam-altman-investory-reddit-stock-worth-value">Altman's stake in Reddit</a> could be worth between $51.4 million and $56.4 million.Neither Reddit nor Altman would comment on the exact number of shares that Altman owned.Altman has several ties to <a target="_blank" href="https://www.businessinsider.com/reddit-ipo-shares-loyal-users-ai-steve-huffman-sam-altman-2024-2">Reddit</a>: He served on its board, had an eight-day stint as its CEO, and has invested in the company through five of his investment vehicles.The company's S-1 says "entities affiliated with Sam Altman" own an 8.7% stake in the company, made up of 789,456 class A shares and 11,369,103 class B shares.News outlets, including BI, were quick to say that Altman owned all these shares when Reddit filed an earlier version of its S-1 in late February. But the truth is far more complicated.The company's registration statement says Altman "disclaims beneficial ownership of these shares except to the extent of his respective pecuniary interest therein."Basically, just because the shares are affiliated with Altman doesn't mean they are his. Instead, they belong to his various funds, such as Hydrazine Capital II, a venture-capital fund, and Apollo Projects SPV-B, a special-purpose vehicle.For instance, Hydrazine Capital II owns nearly 9.9 million shares of Reddit. But the fund's disclosure form indicates that Altman owns, at most, 5% of these shares — or about 500,000 — with the rest presumably belonging to the fund's limited partners, whose identities are unknown.Applying this method to all of Altman's investment vehicles with ties to Reddit finds that Altman, the individual, owns as much as 1.66 million shares in the company.His ties to Reddit point to Altman's long history as an investor.While he's best known as the <a target="_blank" href="https://www.businessinsider.com/sam-altman-openai-staff-loyalty-power-chatgpt-microsoft-2023-11">CEO of ChatGPT's maker, OpenAI</a>, Altman poured both his own money and that of at least one Silicon Valley power broker (<a target="_blank" href="https://www.businessinsider.com/who-is-peter-thiel-svb-facebook-trump-biography-2023-3">Peter Thiel</a> is reportedly the backer of one of his VC funds) into everything from a <a target="_blank" href="https://www.businessinsider.com/helion-energy-fusion-company-backed-by-sam-altman-and-microsoft-2023-5">nuclear-fusion company</a> to a bioscience upstart looking to delay death.He has made over 155 investments since 2010, according to PitchBook data, and announced his investment in Reddit in 2014."I have been a daily reddit user for 9 years — longer than pretty much any other service I still use besides Facebook, Google, and Amazon," Altman wrote on his <a target="_blank" href="https://blog.samaltman.com/reddit">blog</a>. "I was probably in the first dozen people to use the site, and I shudder to imagine the number of hours I have spent there."

How much Sam Altman stands to gain from a Reddit IPO

<keyword id="3828442" type="COMPANY" weightage="20" keywordseo="Adani-Green-Energy-Ltd">Adani Green Energy Ltd</keyword> (AGEL) on Wednesday announced that it has signed a share purchase agreement for the acquisition of 100 per cent stake in two <keyword id="732527" type="ORGANIZATION" weightage="20" keywordseo="Special-Purpose-Vehicles">special purpose vehicles</keyword> (SPV) holding 74.94 MW operating solar projects of Sterling &amp; Wilson, a Shapoorji Pallonji group company. The projects, commissioned in 2017, are located in <keyword id="464266" type="LOCATION" weightage="20" keywordseo="Medak-district">Medak District</keyword> of Telangana and have long-term <keyword id="788744" type="COMPANY" weightage="20" keywordseo="power-purchase-agreements">Power Purchase Agreements</keyword> (PPA) with the Southern Power Distribution Company of Telangana Limited. The enterprise valuation of the target SPV is Rs 446 crore. With this acquisition, AGEL will increase its operating renewable capacity to 3,470 MW with a total renewable portfolio of 15,240 MW, <keyword id="4343578" type="PERSON" weightage="20" keywordseo="Adani-Green">Adani Green</keyword> said in a statement. The closing of the transaction is subject to customary approvals and condition, it added. Vneet S. Jaain, MD &amp; CEO, <keyword id="76451" type="DOMAIN" weightage="20" keywordseo="Adani">Adani</keyword> Green Energy Ltd said: "Strengthening our portfolio through organic and inorganic growth opportunities is an integral part of the our vision to build a capacity of 25 GW by 2025 and become the largest renewables company in the world. We will leverage the strength of our platform and capital management philosophy to achieve operational improvements and value-accretive returns from the project." SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/peter-thiel-backed-vc-firm-valar-ventures-invests-in-indian-fintech-startup-velocity/articleshow/81663073.cms">Peter Thiel-backed VC firm Valar Ventures invests in Indian fintech startup Velocity</a> <a href="https://www.businessinsider.in/stock-market/news/anupam-rasayan-ipo-lists-at-520-per-share-on-the-india-stock-exchange/articleshow/81663145.cms">Anupam Rasayan fails to dazzle on its stock market debut – shares down by nearly 8% below the issue price</a> <a href="https://www.businessinsider.in/business/startups/news/inshorts-backed-social-networking-app-public-raises-300-crore-in-latest-funding/articleshow/81663873.cms">Inshorts-backed social networking app Public raises ₹300 crore in latest funding</a>

Adani Green boosts its renewable energy capacity with acquisition of 74.94 MW projects from Sterling & Wilson

Mumbai, Jul 1 () The government has approved a scheme under which the eligible non-bank lenders will be provided short-term liquidity through a special purpose vehicle (SPV) set up by the SBICAP securities, a subsidiary of the State Bank of India, the RBI said on Wednesday. Under the special liquidity scheme, the SPV will purchase the short-term papers from eligible non-banking financial companies (NBFCs)/housing finance companies (HFCs), which will utilise the proceeds under this scheme solely for the purpose of extinguishing existing liabilities. "The Government of India has approved a scheme to improve the liquidity position of NBFCs/HFCs through a SPV to avoid any potential systemic risks to the financial sector," the Reserve Bank said. The instruments will be commercial papers (CPs) and non-convertible debentures (NCDs) with a residual maturity of not more than three months and rated as investment grade, the RBI said. "The facility, however, will not be available for any paper issued after September 30, 2020 and the SPV would cease to make fresh purchases after September 30, 2020 and would recover all dues by December 31, 2020," it added. NBFCs -- including microfinance institutions, excluding those registered as core investment companies -- and housing finance companies that are registered under the National Housing Bank Act can avail the special liquidity scheme. However, their net non-performing assets should not be more than 6 per cent as on March 31, 2019 and they should have made net profit in at least one of the last two preceding financial years (2017-18 and 2018-19). There are other conditions, like the entities should be rated investment grade by a SEBI registered rating agency, it said. NKD CS MKJ

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Sri Lanka okays Adani's USD 442-millon wind power plants in Mannar and Pooneryn

ANI

Reddit cofounder reveals his best-ever investment — and his biggest flops

Jaures Yip

Elon Musk's xAI is luring more investors through special purpose vehicles charging high fees

Kali Hays

No, Sam Altman doesn't actually own half a billion dollars of Reddit stock

Madeline Berg,Hayley Cuccinel…

How much Sam Altman stands to gain from a Reddit IPO

Madeline Berg,Hayley Cuccinel…

Adani Green boosts its renewable energy capacity with acquisition of 74.94 MW projects from Sterling & Wilson

IANS

Govt approves scheme for providing liquidity to non-bank lenders: RBI

PTI

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