Astonfield Renewable Resources Ltd. (Astonfield) will invest $2 billion in the renewable energy sector in India in the next two years. The company has already invested $1.2 billion in solar energy. The company is working with the West Bengal government develop two renewable energy projects totaling to 15 MW with the investment of $35 million. The company will also invest $150 million in Bihar to set up a 100 MW biomass plant.
Astonfield has also signed an memorandum of understanding with the Gujarat government to execute a 200 MW solar power project.
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.
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% 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, Sen said.
The completion of the Gujarat project will require an investment of about $800 million, Sen said.
Sen said that Astonfield has entered into technological collaborations with three prominent gloabl companies including Areva SA for its venture into India.