Astonfield to invest $2 bn in renewable energy sector
Promoted by a group of non-resident Indians (NRIs), Astonfield Renewable Resources (ARRL), today said it will invest $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 $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 $1.2 billion in solar energy.
"Up to $500 million of the remaining $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 $35 million.
It would also invest $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 about $800 million," he said.
Sen said ARRL has entered into technological collaborations with three prominent gloabl companies including Areva for its venture into India.