(ADPnews) - Nov 11, 2010 - US government agency Overseas Private Investment Corporation (OPIC) said on Monday it will pour USD 100 million (EUR 72.5m) in a USD-300-million investment fund for renewable energy projects in South Asia.
The South Asia Clean Energy Fund will be set up by the Global Environment Facility (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 will expand its portfolio of USD 300 million in clean energy and energy efficiency projects in India.
Up to now the agency has spent USD 2 billion in financing and political risk insurance on 115 projects in India, it said.
(USD 1.0 = EUR 0.725)