US firm plans to invest billions in India renewables
New York City-based Astonfield Renewable Resources Ltd. today announced plans to spend $2 billion (US) on energy projects in India over the next two years.
Most of the funds — about $1.7 billion — will focus on solar energy projects, with the remaining money going toward waste-to-energy and biomass developments.
Founded in 2005 to develop renewable energy projects and increase grid capacity in developing nations, Astonfield is in the planning or application stages for facilities throughout India that will eventually produce 429 megawatts of electricity. Projects in the pipeline include a 200-megawatt solar installation in Gujarat and a 100-megawatt biomass facility in Bihar.
“The global demand for energy is predicted to rise by 50-60% by the year 2030,” Astonfield states on its Website. “In India alone, energy needs will triple in the same amount of time, and demand is projected to far outstrip supply.”
The company says its mission is to “identify the key environmental success factors in each individual locale, and deploy the most effective and efficient renewable energy solutions for the betterment of the nation as a whole.”
The Cleantech Group reports that Astonfield is now approaching “all the major financial institutions” to procure funds for its slate of India projects. It also adds the company next plans similar developments in African countries like Kenya, Tanzania and Uganda.
