India and the US set up a fund of nearly 8 million USD to develop clean energy

EINFO – On June 30, in New Delhi, US Ambassador Richard Verma and Indian Deputy Minister of New Energy and Renewable Energy Upendra Tripathi signed a Memorandum of Understanding (MoU) to establish the US-India Partnership Fund for Development Clean Energy Development (PACE), worth 50 crore rupees, or $7.9 million.

The PACE Fund will provide loans to support the development and testing of innovative products, systems and business models to improve the renewable energy business.

Lenders are companies that sell small-scale clean energy systems to individuals and communities that are not connected to the power grid or only through a temporary and limited grid.

The Governments of India and the US are expected to announce their offer to contribute to the PACE Fund during the Summit on Off-grid Energy in India from 19-20 August.

The PACE Development Fund is the primary funding agency for promoting energy access through the Clean Energy Project (PEACE), an initiative of the US and Indian Governments to encourage clean energy business, bringing energy to the environment. clean for individuals and communities.

In addition, PEACE has the goal of developing a quality assurance system for small power grids and supporting clean energy access systems.

According to the plan, future activities in this area will include both private investment initiatives and a focus on ultra-efficient devices.

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