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Despite recession and economic slowdown, Deutsche Bank and BP plan to invest in India's renewable energy sector to revamp the wind and solar power projects. The joint initiative will also fund geo-thermal and bio-mass projects in India. The business venture is announced in a situation where the Indian government has plans to invest Rs 1,25,000 crore (26 billion approx) in the renewable energy sector to have an addition of 14,000 megawatt electricity generation.
Both Deutsche Bank and BP think that investing in India's renewable energy sector will fetch long-term gains. In this business venture, both the companies will forge partnerships with experienced developers/promoters who are also stakeholders. Thomas Ruschen, Global Head (Asset Financing and Leasing), Deutsche Bank said that Deutsche Bank's focus will be especially on wind and solar projects. Ruschen further added that Deutsche Bank will look at optimal financing structures with longer debt tenors, monetised Certified Emissions Reduction (CER) revenue stream etc.
BP is also optimistic about this new business venture. According to Dennis Chan, Senior Finance Manager, Asia Pacific, BP, India's renewable energy sector is full of possibilities and opportunities. Dennis added that BP will also explore opportunities in wind power projects in India.