India to receive Rs 5,681 crores for solar parks
The US Embassy stated that the initial focus of the collaboration is on Rajasthan. The corporation will develop a design for public private partnership models and also study the options for managing grid reliability
A pact was signed by the US Agency for International Development (USAID) and Asian Development Bank (ADB) for providing Rs 5,681 crore. The fund will be provided to install and develop solar parks all over India, as a part of the clean energy drive. M Teresa Kho, Country Director, India Resident Mission, Asian Development Bank (ADB) and Jonathan Addleton, Mission Director, USAID for India signed the agreement. The US Embassy in a press statement said that, “Through the agreement, USAID will align the technical resources of two of its programs to support ADB's investments in the development of solar parks and renewable energy transmission infrastructure in states at the forefront of India's efforts to promote clean energy." The US Embassy also stated that the initial focus of the collaboration is on Rajasthan. The corporation will develop a design for public private partnership models and also study the options for managing grid reliability. To be particular, the investment of Rs.2,331 crore by ADB will help the USAID technical activities in the deployment of renewable energy utilization in western Rajasthan. USAID will work with ADB across the nation with a further investment of Rs.3350 crore to be used in the development of solar parks across India. Both the organizations are likely to team up and provide technical assistance and planned investment in renewable energy. The framework for technical assistance is being confirmed with the cooperation of Ministry of New and Renewable energy (MNRE). Kho said, “ADB welcomes this collaboration with USAID that brings together our respective strengths, expertise, and resources to the common objective of supporting India's targets for clean energy expansion," "USAID and ADB have a shared interest in helping the government of India achieve clean energy targets. This partnership with ADB is a good example of how together we can broaden and multiply our contribution," said Addleton. By 2022, the targeted Indian renewable energy capacity stands at 175 gigawatts.
March 29, 2016 | 05:15pm IST
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