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Astonfield to Invest USD Two Billion in Renewable Energy Sector

Outlook India 2009-01-19

Promoted by a group of Non-Resident Indians (NRIs), Astonfield Renewable Resources Limited (ARRL), today said it will invest USD two 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 two billion over the next two years," Astonfield Group of Companies' Co-Chairman & Director Sourabh Sen told reporters here.

Stating that the focus of the company would be on solar energy, Sen said that 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 that 30 per cent of the investment would come from equity.

"The remaining will come from the proejct 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 signed an MoU with the Gujarat Government recently to execute a 200 MW solar power project across the state.

"The completion of the Gujarat project will require an investment of approximately USD 800 million," he said.

Sen said that ARRL has entered into technological collaborations with three prominent global companies including Areva for its venture into India.