When Elizabeth Littlefield was appÂointed by President Obama as the 10th President and CEO of Overseas Private Investment Corporation (OPIC), little was known about her role in providing the much needed support to the clean energy projects in India. Littlefield travelled on 19 July to New Delhi as part of a delegation that followed Secretary of State Hillary Clinton's visit to India, where she reaffirmed OPIC's commitment to supporting renewable energy projects in India. She outlined OPIC's plans for further mobilising private sector invÂestment and supporting private equity investment funds in India.
“Investments totalling $820 million would be made in India's renewable energy sector by the end of this year,” Elizabeth Littlefield said at a round table organised by the US-India Business Council (USIBC) on supporting India's infrastructure sector. The US side also offered to participate in India's infrastructure development.
In support of the US-India Partnership to Advance Clean Energy (PACE), OPIC recently approved two new private equity funds, which plan to invest $600 million in the Asian renewable and clean tech sectors. About $360 of that total will wind, solar, hydropower and biomass projects in India. This latest investment follows the $300 million South Asia Clean Energy Fund that OPIC approved last year, along with more than $520 million of financing and insurance that OPIC expects to commit for Indian solar projects by the end of 2011.