Astonfield plans to invest $2bn on solar projects

US-based Astonfield Renewable Resources today said it is planning to invest $2 billion (nearly Rs 10,000 crore) in the next five years, and a major portion of it would be used for setting up solar power projects in India.

"We plan an investment of $2 billion in the next 4-5 years, a major chunk of which would be used to set up solar power projects in India," Astonfield Group Co-Chairman and Director Sourabh Sen said.

Astonfield Renewable Resources (ARRL) has opened its offices in New Delhi, Mumbai and Kolkata making its Indian operations a prime focus in its global framework, a company statement said.

 

ARRL is also looking at setting up similar solar projects in countries such as Kenya, Tanzania and Uganda over the next next 3-4 years.

The company is currently developing two renewable energy projects in West Bengal -- a 10Mw biomass plant at Gangarampur and a 5Mw solar photo-voltaic plant at Bankura.

The projects at Gangarampur and Bankura would require an investment of approximately $15 million and $20 million, respectively, the statement said.

ARRL is approaching all the major financial institutions for mobilising project financing.