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OPIC to invest $820 mn in India's renewable energy sector

PTI     July 19, 2011
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.

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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.

US President Barack Obama with Prime Minister Manmohan Singh during his India visit last year
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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.

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