OPIC Indulges In $350 Million On Renewable Sources In IndiaTop Stories

November 05, 2019 05:42
OPIC Indulges In $350 Million On Renewable Sources In India

(Image source from: www.gosun.co)

With the need for better renewable sources of energy around the world, OPIC has taken a step towards that by investing $350 million on renewable sources in India. Also better known as the Overseas Private Investment Corporation (OPIC), which is a private financial and development institution that operates under the US government.

The organization has already made a massive investment of $350 million for the establishment of six new solar and wind powered generation facilities in India. The report was issued by the US Department of State.

In the report, which was titled as ‘2019 Indo-Pacific Business Forum Showcases High Standard US Investment, it stated saying, “OPIC invested USD 350 million (Rs 2,480 crore) toward six new solar and wind-power generation facilities in India and a USD 185 million (Rs 1,311 crore) loan to Cholamandalam Investment and Finance Company to formalize financial services for rural and underbanked areas.”

The report further highlighted stating that the United States Trade and Development Agency has already signed a grant with the Indian engineering and services firm to further propel the progress of Rapid thermal processing technology from a designated US company which will help contribute to the conversion of the agricultural waste to bio crud in Punjab.

The same initiative is expected to help reduce the degree of air pollution and further bring in better ways of creating fuel sources.

In another report titled as “Indo-Pacific Transparency initiative”, it stated saying, “The Department of State and Japan are collaborating on a conference in Tokyo in December that will bring together US and Japanese alumni from the TOMODACHI Initiative (as well as youth alumni from India, the Republic of Korea, Australia, and the Young Pacific Leaders Initiative) and Young Southeast Asian Leaders Initiative (YSEALI) alumni.”

The report further clarified stating that it was developed to engage the international leaders to further engage better with colleagues throughout the Indo-Pacific region on specific issues concerning the mutual benefits.

By Somapika Dutta

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OPIC  India  renewable sources  $350 million