Astonfield to invest $2.3 b in renewable energy

Economic Times 2009-02-21, Kolkata

Astonfield Renewable Resources Limited (ARRL) is set to invest about $2.3 billion over the next two years in renewable power generation as well as unconventional power generation units in as many as six states.

'Investments will be made in a 70:30 debt-equity ratio. We are in talks with various bankers for debt, while the equity portion has been tied up with private equity firms.'

'The investment will go into setting up 225-mw solar power plants, 125-mw bio-mass-fuelled power plants and 60-mw power units from waste. The units would be set up in as many as six states,' ARRL co-chairman Sourabh Sen said.

ARRL is currently developing two renewable energy projects in West Bengal – a 10-mw biomass plant in Gangarampur and a 5-mw solar plant in Bankura.