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US Firm to Invest $2 Billion in India's Renewable Energy Industry

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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

 

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Written By

is a writer and freelance journalist specialising in sustainability and green issues. He lives in Cardiff, Wales.

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