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India and US launch $95 million clean energy projects.

The US today announced two financial projects worth USD 95 million in India to bring more energy-efficient appliances to rural sector, as part of its efforts to continue the global transition to zero-and-low carbon energy sources.The US has committed USD 70 million in Overseas Private Investment Corporation (OPIC) financing for renewable energy projects in India; and announced to launch a USD 20 million partnership this week with the philanthropic sector to bring more efficient appliances to rural Indian villages.

The USD 75 million OPIC financing is for a utility-scale PV project in Telangana.It is sponsored by ReNew Power Ventures.This commitment represents the rapid mobilisation of financing under a USD 250 million facility to support up to 400 MW of new solar power projects in India across multiple states, the White House said.The US Department of State will, subject to Congressional notification, provide funding for Global LEAP to support the development and roll out of a programme to deploy energy- efficient devices such as televisions, fans, and refrigerators at selected Smart Power supported mini-grid sites, the White House said.

It will also develop a strategy for a programme-wide scale-up targeted to reduce energy costs for some of the poorest people in India.At the same time, the US has made research and development a top priority.Key achievements include establishing Mission Innovation (MI), with the leaders of 19 countries.