Suryachakra, two US comopanies to develop renewable energy projects

NEW DELHI: Suryachakra Power Corp today said its Hong Kong subsidiary has entered into a JV pact with two American entities for developing renewable energy projects in India that will have a capacity of 500 MW.

Suryachakra Global Ventures Ltd, Hong Kong (SGVL) has signed MoU with American Bio Sources ( ABS) and Environmental Energy Finance Corp (EEFC).

"SGVL and ABS/EEFC will set up a 50:50 joint venture (JV) for developing up to 500 MW renewable energy power projects (biomass/solar/wind/other RE) in India, through special purpose vehicles," Suryachakra Power said in a statement.

The Exim Bank of US has approved USD 200 million funding to American Bio Sources to set up renewable energy projects in India.

"The equity stake will be distributed equally between the two groups (SGVL and ABS/EEFC). ABS/EEFC will bring the USD 200 million approved funding," the statement said.

SGVL is a wholly-owned subsidiary of Suryachakra Power.