American financial institution to allocate $421 million to India for solar, internet projects

American financial institution to allocate $421 million to India for its solar and broadband projects reports PTI.  It will enable the country to become a low carbon economy and expand the internet infrastructure.

Last week US Government’s development finance institution, Overseas Private Investment Corporation (OPIC), sanctioned $250million to subsidiaries of ReNew Power Ventures Private Limited which will be utilized to build up to 400 megawatts of new renewable power generation in India across multiple projects. The company in a statement said “with an innovative financing structure that streamlines the funding process for new energy projects, ReNew will help India achieve its goals to transition to a low carbon economy.”

OPIC also approved up to $171 million to Tikona Digital Networks, to support the expansion of Tikona’s low-cost and rapidly scalable wireless broadband networks across India. The firm said that country lacks widespread broadband service availability due to poor wireline infrastructure. OPIC’s support to Tikona will it promote internet adoption among residential and commercial consumers and advance this critical foundation for economic and social development.