US government-owned financial entity Overseas Private Investment Corp (OPIC) plans to invest up to $820 million
(about Rs 3,600 crore) in the fast-growing Indian renewable energy sector by the end of 2011.
As part of efforts to boost clean energy initiatives, OPIC will make investments to the tune of $520 million in India's renewable energy sector, including the solar segment, OPIC President and CEO Elizabeth Littlefield said on Tuesday.GO BACK IN TIME: Obama's India visit in pictures - Day 1
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Further, it would also make private equity investments worth $300 million, especially in small solar companies.
These investments, totalling $820 million, would be made by the end of this year, Littlefield said.
She was speaking at a roundtable organised by the US-India Business Council (USIBC) on supporting India's infrastructure sector
. The session also saw the participation of senior US government officials as well as Indian and American business executives.
Meanwhile, the US Trade and Development Agency (USTDA) will extend over $1.4 million for two projects in India's energy sector.
The agency will provide $719,985 as a feasibility study grant to Astonfield Renewables Private Ltd for deploying two solar photovoltaic power projects having a total capacity of 15 MW.
These funds would be utilised for setting up a 5-MW plant at Bankura, in West Bengal, and a 10-MW project at Belgaum, in Karnataka.
USTDA Director Leocadia I Zac said the agency would also extend a $686,447 grant to North Delhi Power Ltd (NDPL) for implementation of smart grid technology.
The agency on Tuesday inked pacts with Astonfield and NDPL for these proposed investments.