Indian firms line up $2 billion US green energy investments
NEW DELHI: Indian companies will invest about $2 billion in the US to boost renewable energy and clean mobility supply chains, attracted by incentives under the Biden Administration’s Inflation Reduction Act that reduces costs to boost renewable energy.
The investment plans coincide with prime minister Narendra Modi’s State visit to the US and the prospects for bilateral business improving with both sides agreeing to sort out trade disputes.
The biggest investment plan of $1.5 billion in solar module manufacturing came from VSK Energy, a joint venture of Kolkata-based solar panel maker Vikram Solar and New York-based sustainability-focused private equity firms Phalanx Impact Partners and Das & Co.
