US bodies to invest in Indian renewable power, smart grid projects

The US  Overseas Private Investment Corp (OPIC) plans to invest up to $820 mn (approximately Rs3,600 crore) in the fast- growing Indian renewable energy sector by the end of 2011.

Addressing a US-India Business Council roundtable in New Delhi on supporting India's infrastructure sector, OPIC President and CEO Elizabeth Littlefield today said that to help boost clean energy initiatives, OPIC will invest $520 million in India's renewable energy sector, including solar power.

In addition, OPIC will also make private equity investments worth $300 million, especially in small solar companies.

Littlefield said these investments would be made by the end of this year.
 
In addition, the US Trade and Development Agency (US TDA) will extend over $1.4 million for two solar power projects.

The US TDA will provide $719,985 as a feasibility study grant to Astonfield Renewables Private Ltd for deploying two solar photovoltaic power projects -  5-MW plant at Bankura, in West Bengal, and a 10-MW project at Belgaum, in Karnataka Leocadia Irine Zac, director, US TDA, said the agency would provide a grant of $686,447 to North Delhi Power Ltd, a joint venture between Tata Power Company and the government of Delhi, for implementing smart grid technology.

(See: India for expanding renewable energy cooperation with the US)