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Renewable energy player Astonfield will invest around $2 billion in India over the next five years to generate about 1,000 MW of power, most of it from solar sources. Astonfield Renewable Resources Limited is the Indian unit of the US-based infrastructure major Astonfield Management.

“We are going to make an announcement in the next 30-60 days. It will be a billion dollar initial investment on photo-valtics,” said Ameet Shah, co-chairman of Astonfield Renewable Resources.

Astonfield recently announced an agreement with French energy major Areva for building biomass power generated plants of 100 MW at an estimated cost of Rs.550-630 crore. Work on the first plant is scheduled to begin in the last quarter of 2009 (calender year) at Gangarampur in West Bengal.

Much of the proposed $2 billion investment will be for building solar-powered projects with a capacity of 500 MW.

Astonfield is also planning a 54 MW power project which will generate electricity using municipal solid waste in Kolkata.

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