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India and US today launched a new clean energy finance initiative aimed at mobilizing public and private capital to expand access to distributed clean energy projects.
The move would unlock financing by the US government’s development finance institution Overseas Private Investment Corporation (OPIC), the power ministry said in a statement.
The US-India Clean Energy Finance (USICEF) Initiative was launched by power minister Piyush Goyal and US Ambassador Richard Verma here. Ministry of New and Renewable Energy (MNRE) Secretary Rajeev Kapoor, White House Senior director John Morton and William Pegues, Managing Director, OPIC were also present on the occasion.
Also, representatives of the David and Lucile Packard Foundation, John D. and Catherine T. MacArthur Foundation, the William and Flora Hewlett Foundation, and Good Energies Foundation attended the event.
The two sides signed Letter of Intents for creation of a $20 million fund for USICEF Initiative. Through this initiative, project developers pursuing mini-grid, distributed rooftop, off-grid solar projects and smaller-scale grid connected solar projects would be benefited.
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