Projects
BSES Andhra Power Limited
Project: 220 MW naphtha-fired combined-cycle power plant, Samalkot, Andhra Pradesh
Sponsor: BSES acquired Snehalatha Power and formed BSES Andhra Power Limited
Financing:
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Equity: INR 2,450 million
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Long-Term Debt: INR 5,030 million
Fieldstone Role: Acted as financial advisor to Snehalatha Power for arranging both equity and debt for the project.
NEPC Consortium Power Limited
Project: 125 MW oil/gas-fired power generation facility, Haripur, Bangladesh
Sponsor: A partnership among affiliates of El Paso Energy International, Ogden Energy Group, and Wärtsilä NSD
Financing:
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Total Project Cost: USD 124.3 million
Fieldstone Role: Acted as exclusive financial advisor to NEPC Power Consortium for managing project financing.
Gujarat State Energy Generation (GSEG)
Project: 156 MW gas-fired power plant, Mora Village, Gujarat
Sponsor: Promoted by Gujarat State Petroleum Corporation
Financing:
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Equity: INR 1,716 million
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Long-Term Debt: INR 4,444 million
Fieldstone Role: Initiated the mandate and acted as financial advisor to Gujarat State Petroleum Corporation for arranging equity and debt financing.
Bhote Koshi Power Company Limited
Project: 36 MW run-of-the-river hydroelectric project, Bhote Koshi, Nepal
Sponsor: Promoted by MCN Energy and Panda Global Energy
Financing:
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Total Equity: USD 29.5 million
Fieldstone Role: Acted as exclusive financial advisor to MCN Energy for the sale of its 64% stake in the project.
Gujarat State Wide Area Network (GSWAN)
Project: Wide-area network connecting the State Secretariat to 25 districts and 220 talukas in Gujarat on a private-sector concession model
Sponsor: Conceived by the Department of Information Technology, Government of Gujarat
Fieldstone Role: Acted as financial advisor to the Government of Gujarat for developing RFPs, selecting the private operator through competitive bidding, and structuring the concession.
Computer-Aided Information & Research Services (CAIRS)
Project: Wide-area network-based electronic lottery system using VSAT broadband and GPRS connectivity across India, with an envisaged base of 15,000 remote terminals
Sponsor: Strategic investment by Essar Teleholdings
Financing:
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Project Finance: USD 5 million
Fieldstone Role: Acted as financial advisor to CAIRS for arranging project finance and identifying a strategic partner.
Essar & Georgia Pacific
Project: Chlor-Alkali Plant
Sponsor: Promoted by Gujarat State Petroleum Corporation
Financing:
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Equity: USD 50 million
Fieldstone Role: Arranged for the acquisition of a chlor-alkali plant for Essar from Georgia Pacific.
About Us
Fieldstone is a private equity firm focused on essential energy and critical mineral assets in high-growth markets.
Established in 1990 in New York, Fieldstone began as an investment bank specializing in project finance for energy and infrastructure. Decades of execution inform how we underwrite, structure, and operate assets today. We now deploy private equity to create value through active ownership, disciplined risk management, and complex structuring.
Leadership
Sundar Sundaresan
Managing Director & President
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Dr. Manfred Ernst
Director & Advisor
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Dr. Suman Banerjee
Senior Advisor & Head of Finance
Rahul Ajay
Vice President
Ajay Kumar Dasarathy
Senior Advisor - Project Management
Kartik Vaideswaran
Lead Petrochemical Engineer
Our expertise spans the entire life of an asset. We guide greenfield projects from the drawing board through construction and into successful operation. For brownfield assets, we excel at operational improvement, strategic expansion, and turnarounds. This comprehensive, hands-on capability ensures we create value at every stage of the investment lifecycle.
Full-Lifecycle Asset Management
We are not generalists. We are specialists who have dedicated our careers to the Energy and Infrastructure sectors. This singular focus provides us with deep intelligence on market trends, regulatory landscapes, and emerging technologies. We see opportunities and understand risks in ways that generalist investors simply cannot.
Deep Sector Intelligence
Our legacy in project finance gives us an unparalleled ability to structure complex investments. We design resilient, highly-efficient capital solutions that de-risk projects and maximize value. Whether it's non-recourse financing for a new build or a sophisticated recapitalization for an existing asset, our financial engineering is a core competitive advantage.
Mastery in Financial Structuring
Our Expertise
30+
Years of History
25+
Projects Completed
Approach
01
A First-Principles Mindset
We don't rely on templates. We approach every opportunity by breaking it down to its fundamental variables. Using scenario-based stress tests and comprehensive risk modeling, we build our investment thesis from the ground up, ensuring every decision is based on a deep, analytical understanding of the project's unique dynamics.
02
Engineering for Accountability
Our approach ensures total alignment across the value chain. We structure our investments with recourse frameworks tied to tangible project metrics, making every partner accountable for performance. This creates a clear and measurable path to success where all stakeholders are motivated by a shared outcome.
03
An Investor-Operator Philosophy
We blend the sharp focus of an investor with the practical mindset of an operator. This dual philosophy means we not only structure the deal correctly but also understand the intricate operational details required to manage the asset effectively post-investment. This hands-on approach is key to navigating operational complexity and unlocking long-term value.
