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

NEW DELHI: US government-owned financial entity Overseas Private Investment Corp ( OPIC) plans to invest up to USD 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 USD 520 million in India's renewable energy sector, including the solar segment, OPIC President and CEO Elizabeth Littlefield said today.

Further, it would also make private equity investments worth USD 300 million, especially in small solar companies.

These investments, totalling USD 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 USD 1.4 million for two projects in India's energy sector.

The agency will provide USD 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 USD 686,447 grant to North Delhi Power Ltd (NDPL) for implementation of smart grid technology.

The agency today inked pacts with Astonfield and NDPL for these proposed investments.