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Astonfield plans to invest USD 2bn on solar projects

Economic Times 2009-03-08, New Delhi
NEW DELHI: US-based Astonfield Renewable Resources today said it is planning to invest two billion dollars (nearly Rs 10,000 crore) in the next five years, and a major portion of it would be used for setting up solar power projects in India.

"We plan an investment of two billion dollars in the next 4-5 years, a major chunk of which would be used to set up solar power projects in India," Astonfield Group Co-Chairman and Director Sourabh Sen said.

Astonfield Renewable Resources Ltd (ARRL) has opened its offices in New Delhi, Mumbai and Kolkata making its Indian operations a prime focus in its global framework, a company statement said.

ARRL is also looking at setting up similar solar projects in countries such as Kenya, Tanzania and Uganda over the next next 3-4 years.

The company is currently developing two renewable energy projects in West Bengal -- a 10MW biomass plant at Gangarampur and a 5MW solar photo-voltaic plant at Bankura.

The projects at Gangarampur and Bankura would require an investment of approximately 15 million dollars and 20 million dollars, respectively, the statement said.

ARRL is approaching all the major financial institutions for mobilising project financing.