US Firm to Invest $2 Billion in India’s Renewable Energy Industry
Major US renewables company Astonfield is set to invest a massive $2 billion in India over the next five years, the largest single cash-injection in renewable energy ever seen in the sub-continent.
The deal will generate about 1,000 MW of power, most of it from solar sources.
Much of the proposed $2 billion investment will go towards building solar-photovoltaic powered projects with a capacity of 500 MW.
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Ameet Shah, co-chairman of Astonfield Renewable Resources told reporters, “We are going to make an announcement in the next 30-60 days. It will be a billion dollar initial investment on photo-valtics.”
In a country plagued by unreliable supply and regular blackouts, a major aim of the scheme is to ensure that energy produced from the new solar facilities is fed into the Indian electricity grid on a consistent basis.
Image Credit - dirvish on flickr
The first step in India is to get the PPA (power purchase agreement) signed. Until that happens it is all smoke.
The PPA sets the rate and other conditions. Without that it is impossible and crazy to proceed. Surely Ameet Shah knows this. Or are they just trying to milk investors?
I would like to follow up on this planned development. I wonder why the firm is not offering investing domestically?
India needs major investments in solar power. This would be welcome step.