Astonfield to invest USD two bn
in renewable energy sector
Jan 19, 2009 - Asia Pulse Data Source
Promoted by a group of Non-Resident
Indians (NRIs), Astonfield Renewable Resources Ltd
(ARRL), today said it will invest USD 2 billion in
India's renewable energy sector in the next two years.
"We will focus on the renewable energy
space in India and invest USD 2 billion over the next
two years," Astonfield Group of Companies' Co-Chairman
& Director Sourabh Sen told reporters here.
Pointing out that the focus of the company
would be on solar energy, Sen said ARRL has already
committed USD 1.2 billion in solar energy.
"Up to USD 500 million of the remaining
USD 800 million will go into solar energy sector,
100 million in bio-mass and 200 million in waste-to-energy
space," Sen said, adding 30 per cent of the investment
would come from equity.
"The remaining will come from the project
finance route for which we are talking to a number
of Indian lenders," he said.
In West Bengal, the company is working
with the state government to develop two renewable
energy projects totalling to 15 MW entailing an investment
of USD 35 million.
It would also invest USD 150 million
in Bihar to set up a 100 MW bio-mass plant. ARRL has
also signed an MoU with the Gujarat government to
execute a 200 MW solar power project.
"The completion of the Gujarat project
will require an investment of approximately USD 800
million," he said.
Sen said ARRL has entered into technological
collaborations with three prominent gloabl companies
including Areva for its venture into India.