Astonfield to proceed with $4B India energy investment

Building on plans first announced in May of 2008, New York-based Astonfield Renewable Resources today asserted it is proceeding with investing billions of USD into renewable energy projects in India.

The company is currently developing two renewable energy projects in West Bengal: a 10 MW biomass plant in Gangarampur, and a 5 MW solar PV plant in Bankura.

These projects are to require an investment of approximately USD $15 million and USD $20 million, respectively. The company also says it's in the final stages of discussions for a 54 MW municipal solid waste-to-energy project based in Dhapa.

Also now planned are a 3 MW solar PV project in Haryana and 10 MW solar PV project in Karnataka.

Other large projects that "came to fruition in the past 3 months," the company said in a statement today, include a 100 MW biomass allotment in Bihar, which is expected to require an investment of USD $150 million, and a 200 MW solar PV project in Gujarat state, which is expected to require USD $800 million.

"ARRL is greatly enthused to begin our work in India with such a significant allotment. We think in the future, India has the potential to be a leader and steadfast partner in promoting the renewable energy story globally," said Sourabh Sen, Astonfield co-chairman.

Astonfield said it is "approaching all the major financial institutions to mobilize project financing for its allocations."

The New York-based company, which initiated operations in 2005, opened its offices in Mumbai in 2008.

After India, the group says it will look at similar projects in the Middle East and African countries such as Kenya, Tanzania and Uganda.