US to invest $820 mn in India’s renewable energy sector

July 19th, 2011 - 4:46 pm ICT by IANS  

New Delhi, July 19 (IANS) The US government’s Overseas Private Investment Corporation (OPIC) intends to infuse $820 million for renewable energy sector projects in India in the current calender year, its chief said Tuesday.

“We hope to generate $820 million in this calender year to contribute to the growth of the renewable energy sector in India,” OPIC president and chief executive Elizabeth Littlefield said at an industry event here.

According to Littlefield, a major chunk of about $520 million of the expected investment would come from American companies which would invest in renewable energy sector, while the remaining $300 million will come from private equity investments.

“By the end of this calender year we hope to have generated $520 million in brand new investments from American companies and on top of that $300 million of private equity. So that’s $820 million,” Littlefield, who is a member of US Secretary of State Hillary Clinton’s delegation, said.

Littlefield further said that her agency has doubled the clean energy project portfolio in India in a single year and this now stands at 2,200 MW.

“In the last one year, we have worked very hard with large and small companies in the field of solar energy, off-grid power suppliers, village-based bio-gas plants,” Littlefield said, adding that her agency views the investments in renewable energy sector as a part of broader investments for the infrastructure sector.

Littlefield further said that that the magnitude of investments and interest in India was growing and that India has gained the status of one of her agency’s most important partner countries.

OPIC helps in facilitating American private sector investments for various projects and initiatives in 150 countries.

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