Indo-US fund created for innovative clean energy projects

The Dollar Business Bureau   Close to China, Germany and UK’s commitment to renewable energy programme by India, at the Re-Invest 2015 – India’s first Renewable Energy Global Investors Meet & Expo, a Joint Indo-US PACESetter Fund has been established with a contribution of US$ 4 million (INR 25 crores) from each side for providing grants for seed capital for innovative clean energy projects. Piyush Goyal, Minister of state for Power, Coal & New and Renewable Energy (Independent Charge) said that India and USA have undertaken new initiatives to enhance clean energy cooperation and desire to expand current Partnership to Advance Clean Energy Development. In the past, Goyal said that the government is committed to using renewable energy and also assured that the government will act as a facilitator in encouraging and protecting investments in India. The government is under plans to accelerate the deployment of renewable energy to more than 160 GW by 2022 including 100 GW solar energy and 60 GW wind energy. Renewable Energy technologies are expected to deliver 2000 MW in the next 5 years to the Indian Grid Networks. Of these, 100000 MW are expected to come out of solar sector and balance 100000 MW through wind and other renewable energy technologies. With all major countries exuding confidence in India’s Renewable Energy programme, the partnerships will help in driving the vision together of renewable energy based power into the Indian grid networks over the next five years.  

This article was published on March 02, 2015.