The Indian and US governments have launched a $20m fund aimed at financing renewable-energy projects in India. Multiple foundations have paid into the US-India Clean Energy Finance (USICEF) scheme, which is to be governed by the Climate Policy Initiative (CPI) in Delhi, including the US’s Overseas Private Investment Corporation (OPIC). In India, OPIC has been involved with several renewable projects, such as solar power plants that are being built on land owned by the government of Andhra Pradesh. A similar project organised by the US and African governments helped to catalyse $1bn in project investment.
The Indian and US governments have launched a $20m fund aimed at financing renewable-energy projects in India. Multiple foundations have paid into the US-India Clean Energy Finance (USICEF) scheme, which is to be governed by the Climate Policy Initiative (CPI) in Delhi, including the US’s Overseas Private Investment Corporation (OPIC). USICEF will support small green energy projects with seed capital, and work with OPIC to secure further funding as they grow. A similar project organised by the US and African governments helped to catalyse $1bn in project investment.