US foundations finance clean energy in India

Four US foundations – the Packard, MacArthur and Hewlett Foundations and the Grantham Foundation for the Protection of the Environment – are working with the Indian government to fund two clean energy finance initiatives. They aim to provide $30 million to the two initiatives, an amount that will be matched by the Indian government.

The first of the two, the US-India Clean Energy Finance initiative, aims to raise up to $20 million to fund feasibility studies, project finance documentation, land surveys and customer due diligence procedures to make solar power projects ‘finance ready’. The initiative is then expected to leverage around $400 million from the Overseas Private Investment Corporation (OPIC), the US government's development finance institution, and other investors to implement the projects.

Renewable-energy mini-grid in rural India.

The second initiative, the US-India Catalytic Solar Finance Program, aims to secure up to $40 million in capital, which will then leverage up to $1 billion in commercially oriented capital for solar energy projects.

 
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