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ARRL banks on US funds for green energy projects

Financial Express 2008-11-14, Kolkata

Even as the credit crunch worldwide is paralyzing many businesses globally and the US is worst hit, the banks in the US are standing by their commitments of funding green energy projects.

Astonfield Renewable Resources Ltd (ARRL), a member of the US-based Astonfield Group, is relying on American credits to fund the projects in India.

Sourabh Sen, co-chairmen, ARRL, said: "The Exim Bank of America, Bank of America and Citi Group are standing by their commitments to fund our projects. Although Citi Group has been hit by the mortgage loan crisis, it wants to target green energy for business." The group is eyeing solar power since its gestation time is very low, only nine months, as compared with thermal power?Äôs 7 years.

ARRL is looking to implement green energy projects adding up to 200 mw in India and is so far clear about implementing projects with a total capacity of 100 mw.

"We hope to end 2008 with over 200 mw of allocations solidified," Sen said.

ARRL got its first renewable energy allotments from Bengal, 10 mw biomass, 5 mw solar, and 1 mw manure, to the power sector. Recently, the Haryana government has issued a letter of intent to ARRL for setting up a 5 mw solar power project with 3mw in the first and the rest in the second phase.