United States and India launch clean energy initiative

United States and India launch clean energy initiative

The governments of India and the US have joined forces to launch the US-India Clean Energy Finance (USICEF) facility initiative, starting with a figure of US$20 million.

USICEF, equally funded by the US Overseas Private Investment Corporation (OPIC) and the Indian government, will eventually provide up to $400 million of investment in renewable energy resources in India.

This initiative will contribute to India’s ambitious aim of achieving 175 GW of installed renewable energy by 2022, primarily supporting new mini-grid, distributed rooftop, and off-grid solar projects.

USICEF is the first venture of the $1 billion US-Indian renewable energy pact, which was announced in June 2016.

Dr Gireesh Shrimali, Director of Climate Policy Initiative (CPI) India, said: “We are pleased to be part of this initiative that will help overcome this barrier, help this industry achieve scale, and help ensure India stays on track to realise its clean energy ambitions.”