Wednesday, June 04, 2014: Renewable Energy companies in India are reportedly expecting a rise in investments in the sector soon. According to a Business Standard report, the companies are citing Stanford University’s $18.7 billion disinvestment in coal stocks as an indicator towards this. Stanford became the first educational institution, amongst many others in America, who have purged their endowment funds of fossil fuel investment, the report said.
According to the report, GE Energy Financial Services made its first investment in a solar power project in India. The company reportedly announced a $24 million funding for a 151 mega watt photovoltaic power project of Welspun at Meemuch in Madhya Pradesh. This is one of the largest solar plants in the world. In addition, private equity firm Goldman Sachs had earlier invested $135 million more in ReNew Power, which raised its total equity in the company to $385 million.
Stanford has also said that the company will direct its investment managers to avoid investing in publicly traded coal. This is good for India since the country has a real need for such an investment right now.
