Clean energy in India
OPIC President Elizabeth Littlefield traveled on July 19 to New Delhi, where she reaffirmed OPIC’s commitment to supporting renewable energy projects in India. Littlefield, pictured here with Fred Hochberg, the Chairman of the Export-Import Bank of the United States, outlined OPIC’s plans for further mobilizing private-sector investment and supporting private equity investment funds in India.
In support of PACE, the U.S.-India Partnership to Advance Clean Energy, OPIC recently approved two new private equity funds, which plan to invest $600 million in the Asian renewable and clean tech sectors. About $360 of that total will wind, solar, hydropower and biomass projects in India. This latest investment follows the $300 million south Asia Clean Energy Fund that OPIC approved last year, along with more than $520 million of financing and insurance that OPIC expects to commit for Indian solar projects by the end of 2011.