The United States,has announced two financial projects worth USD 95 million in India to bring more energy-efficient appliances to rural sector in India, as part of its efforts to continue the global transition to zero-and-low carbon energy sources.
- US have committed 75 million dollars in Overseas Private Investment Corporation (OPIC) financing for renewable energy projects in India.
- The 75 million US dollar OPIC, sponsored by ReNew Power Projects, is for a utility-scale PV project in Telangana.
- It has also announced to launch a 20 million dollar partnership with the philanthropic sector to bring more efficient appliances to Indian villages.
- It is a part of 250 million facilities committed by the United States to support India’s 400 MW new solar power projects in different states of India by 2020.
There is a commitment to establish the U.S.-India Clean Energy Hub as the coordinating mechanism to focus United States Government efforts that, in partnership with leading Indian financial institutions, will increase renewable energy investment in India.
- The US-India Clean Energy Finance program (USICEF), will fill the gap in the Indian distributed solar market by funding the preparatory work of the early-stage project. It is anticipated that the USICEF will unlock up to USD 400 million in long-term debt financing from OPIC and private sector investors.
- The Rockefeller Foundations Smart Power for Rural Development Initiative will announce a new partnership with the Clean Energy Ministerial (CEM) and Global Lighting and Energy Access Partnership (Global LEAP).
- This partnership will help in accelerating the deployment and use of energy efficient off-grid devices in rural India.
- This decision on funding the Global LEAP is subject to Congressional notification. LEAP will support in developing and rolling out a programme to deploy energy-efficient devices at selected Smart Power supported mini-grid sites.
- A strategy will be developed to reduce energy costs for some of the poorest people residing in India. Deployment of the LEAP programme will reduce energy consumption by at least 50 percent of rural households.
- Programme implementation would result in increasing revenue for mini-grid operators by over 300 percent per household.
- At the same time it will help in generating rural employment by involving people in distribution and supply chain management of the devices.
United States :
♦ Capital: Washington, D.C.
♦ Currency : US Dollar