Clean Energy Finance Center provides $2 billion in India renewable energy financing

This fact sheet summarizes the outcomes of the Fourth India-US Strategic Dialogue held on June 24, 2013, where both countries reaffirmed their commitment to collaborating on energy security, combating climate change, and developing low-carbon economies. It details specific ongoing and new initiatives in sectors such as nuclear energy, renewable energy, energy efficiency, and clean technology.

Who it concerns: The agreement involves the United States and India. Specific entities named include the U.S. Department of State, U.S. Department of Energy, USAID, USTDA, NRC, AERB, Indian Ministry of External Affairs, Indian Ministry of Petroleum and Natural Gas, Indian Ministry of New and Renewable Energy, Indian Ministry of Environment and Forests, Indian Ministry of Home Affairs, Planning Commission of India, and various private companies (Essar Oil Limited, Deep Industries Limited, Reliance Infrastructure Limited, Innovari Inc.). Sectors affected include energy (nuclear, oil, gas, renewable), technology, and environmental protection.

What was agreed

• Renewal of MOU for Cooperation in Gas Hydrates between U.S. Department of Energy and Indian Ministry of Petroleum and Natural Gas.
• USTDA signed agreements for shale gas feasibility studies supporting Essar Oil Limited and Deep Industries Limited.
• USAID announced a new loan guarantee to mobilize at least $100 million for clean energy investments.
• USTDA signed a grant agreement with Reliance Infrastructure Limited for a demand side management (DSM) power system pilot project in Mumbai.
• Continuation of negotiations for U.S. nuclear power plants in Gujarat and Andhra Pradesh, including land acquisition progress.
• Finalization of an arrangement for technical information exchange between the U.S. Nuclear Regulatory Commission (NRC) and the Indian Atomic Energy Regulatory Board (AERB).
• Five-year, $14 million contract initiated in July 2012 for REDD+ actions in India under the Global Climate Change Initiative.
• Collaboration on smart and efficient space cooling technologies to transform the AC market.

Also in the document

• The Clean Energy Finance Center has provided roughly $2.0 billion in renewable energy financing to India, including financing nearly 40 percent of India’s first 1,000 MW of installed solar energy capacity.
• India was welcomed as a new Observer State to the Arctic Council on May 15, 2013.
• India became the first country in the world to comprehensively regulate the performance, safety, and quality of light-emitting diodes (LEDs).
• A new Joint Working Group on Sustainable Growth was formed by USAID and the Planning Commission of India to support low-carbon inclusive growth strategies.