(ADPnews) - Nov 10, 2010 - US government agency Overseas Private Investment Corporation (OPIC) said on Monday it would pour USD 100 million (EUR 72.5m) in a USD-300-million investment fund for renewable energy projects in South Asia.
South Asia Clean Energy Fund will be raised by the Global Environment Fund (GEF) in a bid to strengthen the partnership between the US and India. The fund will invest in solar, wind, hydropower, advanced biofuels and natural gas projects mainly in India.
GEF will also establish an India-specific sub-fund in association with the Indian Infrastructure Development Finance Company and other local investors for investments in India.
OPIC said the funds would expand its portfolio of USD 300 million in clean energy and energy efficiency projects in India.
Up to now the agency has spend USD 2 billion in financing and political risk insurance to 115 projects in India, it said.
(USD 1.0 = EUR 0.725)