Monday, October 13, 2008

India hopes to attract over $4 bln in green energy

By Biman Mukherji and Krittivas Mukherjee

NEW DELHI (Reuters) - India is hoping to attract investments of more than $4 billion in renewable energy over the next 5-7 years, as it prepares to unveil a new biofuels policy within a month, the renewable energy minister said.

Domestic and foreign companies such as India's Tata group and Reliance Industries as well as state-run utilities are among hundreds of companies vying for a stake in India's emerging green energy sector.

Another 150 companies are also keen to set up biofuel processing plants, Vilas Muttemwar told Reuters in an interview.

"A lot of scope is there in the coming days for renewable energy... According to our information, nearly 200 billion rupees ($4.3 billion) is the investment we are expecting in five to seven years," he said during Reuters Global Environment Summit.

The investments span solar, hydro, wind and biofuel energy.

India aims to generate 25,000 megawatts of power from renewable energy over the next four years, more than double the current generation level of 12,000 MW.

Source Reuters

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