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India, US create Rs 50 crore fund for creation in clean energy

News:

  • India and the US signed a memorandum of understanding to establish the Rs 50 crore ($7.9 million) Pacesetter Fund which aims to accelerate commercialization of innovation in off-grid clean energy solutions.
  • This is part  strengthening and expanding the US-India Partnership to Advance Clean Energy.
  • The fund will provide grants to support development and testing of innovative products, systems and business models.
  • The grants will target companies that sell small-scale clean energy systems to individuals and communities without access to grid-connected power.
  • The two governments expect to announce the initial call for proposals for the Pacesetter Fund during the August 19-20 India Off-Grid Energy Summit.
  • Pacesetter Fund is the principal funding arm of Promoting Energy Access through Clean Energy (PEACE).
  • Other PEACE activities include development of a quality assurance framework and support for the Clean Energy Access Network (CLEAN).

Source:The Economic Times

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