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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.