Published on July 24th, 2009 | by Andrew Williams10
US Firm to Invest $2 Billion in India's Renewable Energy Industry
July 24th, 2009 by Andrew Williams
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.
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