Washington, DC, U.S.A. — (METERING.COM) — August 17, 2011 – The U.S. is making headway into to the Indian energy sector with several investments announced recently.
The U.S.’s Overseas Private Investment Corporation (OPIC) has announced that it will spend $880 million on renewable energy projects in India under a deal brokered by Secretary of State Hillary Clinton. The U.S. knows that rapid growth of the Indian economy has led to a boom in energy stocks. It is positioning itself to capitalize on the demand for renewable energy in India and throughout the sub-continent. The PACE deal and OPIC investment gain America a secure foothold in the Indian market.
“Well, speaking for the United States, I can tell you that we are, in fact, betting on India’s future. To promote clean energy and to seek climate change solutions, this partnership that we have launched will accelerate research and deployment of effective technology,” said Clinton in a speech on July 20 at the Anna Centenary Library in Chennai.
Via the US Trade and Development Agency ( USTDA ), the U.S. will also fund feasibility studies in India’s energy sector. The first deal provides USTDA funding for a $719,985 feasibility study to Astonfield Renewables Private Limited to prepare the design and deployment of two solar photovoltaic power projects in West Bengal (5 MW) and Karnataka (10 MW). The second is a $686,447 grant to North Delhi Power Limited (NDPL) for a study that will develop the requirements for a smart grid implementation roadmap for NDPL and address a range of improvements and investments, including integrating smart meters and automated reading into NDPL’s distribution system.
To prepare for the transformation of India’s smart energy market and to serve the industry with knowledge and network opportunities Spintelligent is presenting the Smart Energy International India Conference and Expo in New Delhi, India from November 14-16, 2011. For more information visit www.smartenergy-india.com