- 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