Suryachakra, US firms plan 500 MW of renewable energy projects in India
Oct 17, 2011 - Indian utility Suryachakra Power Corp (BOM:532874) said today it had signed a memorandum of understanding with two US companies to jointly build up to 500 MW of green energy capacity in India.
The projects may utilise wind, solar, biomass or other renewable energy sources.
Suryachakra's unit Suryachakra Global Ventures and its future partners American Bio Sources Inc and Environmental Energy Finance Corp Inc (EEFC) intend to form a joint venture to develop the projects. The Indian company will hold 50% in the entity, it said.
American Bio has already secured USD 200 million (EUR 145m) in funding from the Export-Import Bank of USA for the development of renewable energy projects in India. The three partners will now jointly pursue additional funds for their venture, Suryachakra added.