OPIC has invested USD 350 million in renewable sources in India: US State Department

Overseas Private Investment Corporation (OPIC), a development finance institution of the US government, has invested USD 350 million in six new solar and wind-power generation facilities in India, the US Department of State said on Sunday.

"OPIC invested USD 350 million (Rs 2,480 crore) toward six new solar and wind-power generation facilities in India and a USD 185 million (Rs 1,311 crore) loan to Cholamandalam Investment and Finance Company to formalize financial services for rural and underbanked areas," the state department said in a report titled '2019 Indo-Pacific Business Forum Showcases High-Standard U.S. Investment'.

It also added that United States Trade and Development Agency (USTDA) has signed a grant with an Indian engineering and services firm to pilot Rapid Thermal Processing technology from a U.S. company that will convert agricultural waste to bio-crude in Punjab. This will aid in reducing air pollution and creating new fuel sources in India.

In another report titled 'Indo-Pacific Transparency Initiative,' the state department said, "The Department of State and Japan are collaborating on a conference in Tokyo in December that will bring together US and Japanese alumni from the TOMODACHI Initiative (as well as youth alumni from India, the Republic of Korea, Australia, and the Young Pacific Leaders Initiative) and Young Southeast Asian Leaders Initiative (YSEALI) alumni."

"It will build a cohort of international leaders equipped to engage with colleagues throughout the Indo-Pacific region on issues of mutual concern," read the report.