The renewable energy projects worth USD 95 million will bring more energy-efficient appliances to rural sector. It will also develop a strategy for a program targeted to reduce energy costs for some of the poorest people in India.
November 14, 2016
As per media reports, two financial projects worth USD 95 million will support India’s efforts to continue the global transition to zero-and-low carbon energy sources. The project will focus on bringing more energy-efficient appliances to rural sector in India. The US has committed USD 70 million in Overseas Private Investment Corporation (OPIC) financing for renewable energy projects in India; and announced to launch a USD 20 million partnership this week with the philanthropic sector to bring more efficient appliances to rural Indian villages. The USD 75 million OPIC financing is for a utility-scale PV project in Telangana.
Sponsored by ReNew Power Ventures, this commitment represents the rapid mobilisation of financing under USD 250 million facilities to support up to 400 MW of new solar power projects in India across multiple states. Further, the OPIC and Indian Government will formally launch a USD 20 million distributed solar facility in partnership with leading philanthropies this week. Also, US-India Clean Energy Finance program (USICEF) is anticipated to unlock up to USD 400 million in long-term debt financing from OPIC and private sector investors. It will address a key financing gap in the Indian distributed solar market by funding early-stage project preparatory work.