Russia's RDIF, India's IDFC partnering for US$1 billion hydroelectric power investment deal

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The Russian Direct Investment Fund will partner with India's Infrastructure Development Finance Company in a US$1 billion hydroelectric project investment package.

An agreement signed today during a visit by Vladimir Putin during the Russian president's visit to New Delhi will see both RDIF and IDFC commit $500 million for the initiative, which is aimed at helping India take advantage of its hydropower potential -- particularly in the northern Himalayan region.

RDIF said that it would back development of the projects with the support of a Russian hydropower company, though fund officials declined to specify which company might be involved.

The Russian fund, which was established in 2011 with $10 billion state funds, has already invested heavily into sovereign wealth funds from the Middle East and Asia.

Meanwhile, reported in February that IDFC Alternatives had partnered with Abu Dhabi National Energy Co. (TAQA) and Canada's PSP Investments to acquire two unnamed projects in India's Himachal Pradesh state.

For more news from Asia, visit here.

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