US To Help India In Clean Energy

10 July, New Delhi

India and the United States of America have agreed to cooperate in generation of clean energy by accessing from a special fund which has been created to help innovation for commercialisation of off-grid green power.

The two countries have signed a Memorandum of Understanding (MoU) on cooperation to establish the PACESetter Fund that will support Promoting Energy Access Through Clean Energy (PEACE) track of the US-India Partnership to Advance Clean Energy (PACE).

The objective is to accelerate early-stage grant to develop and test innovative products, systems, and business models for commercialisation of clean energy, an official release said Friday .

India-US corpus of about Rs 50 crore have been drawn on 50:50 sharing basis. For the over-sight , a Steering Committee comprising the Secretary of the Ministry of New and Renewable Energy and the United States Ambassador to India, and three representatives from each side has been constituted.