German lender KfW's unit plans to more than double investments in India to $1 bln
By Sethuraman N R and Yagnoseni Das
GUJARAT/BENGALURU, Sept 17 (Reuters) -German state lender KfW's unit plans to more than double its investments in India to $1 billion over the next few years, with particular focus on the country's energy and infrastructure projects, a top executive said on Tuesday.
The lender's DEG unit, which focuses on the private sector companies, has so far invested about $400 million in debt and equity of companies in India.
"India is one of the most important markets that we have as it has a very good investment environment, a lot of strong entrepreneurs and developers that we like to support," said Jochen von Frowein, director, infrastructure & energy, global equity at DEG.
Germany had in 2022 pledged 10 billion euros to help India achieve its climate goals.
India added 10 gigawatt of renewable power capacity between April and August this year, taking its total to about 153 GW, according to government data.
The country aims to add at least 500 GW of clean energy by 2030 to reduce emissions, and is looking for investments.
DEG plans to invest fully in renewable energy and also has investments in financial sectors and infrastructure projects, Frowein said.
"Right now, we are very actively looking at commercial, industrial renewable energy investments. In (the) future, important sectors will be green hydrogen and power transmission," Frowein said.
DEG has had some "successful exits" on its investments in India, Frowein said, but declined to share more details on the returns.
Reporting by Sethuraman NR in Gujarat and Yagnoseni Das in Bengaluru; Editing by Leroy Leo
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