India and US launch $20 million initiative to support solar development in India
Post date: 20/12/2016 - 20:21
The Government of India and the Overseas Private Investment Corporation (OPIC), the U.S. government’s development finance institution, has launched the US-India Clean Energy Finance (USICEF) Facility Initiative with $20 million. According to consultancy Mercom Capital, USICEF will initiate the flow of up to $400 million in public and private financing for renewable power generation to benefit up to 1 million households by 2020. Developers of mini-grid, distributed rooftop, and off-grid solar projects, as well as small-scale grid-connected solar projects will benefit from this initiative.
The USICEF is a first step towards the fulfillment of a renewable energy partnership between the U.S. and India, says Mercom. United States and India inked a $1 billion pact to bolster the partnership between the two countries to help India achieve its goal of installing 175 GW of renewable energy by 2022, on June 07, 2016.
Previously, Mercom had reported on $74 million commitment by OPIC to set up a 100 MW solar project in Telangana. The USICEF will lead to additional project financing for solar developers in India.