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US green firms commit to invest in power projects in India

India and the US have reaffirmed their focus on clean energy and have decided to set up new initiatives to raise funds and finance Indian solar projects, particularly in rural areas.A White House statement on Tuesday mentioned “5.4 GW of new commitments from US renewable companies that are seizing the opportunity to invest in India.”Prime Minister Narendra Modi and US President Barack Obama have agreed to focus on tackling climate change, increasing energy access and promoting clean energy. It was the third bilateral summit between the two leaders.“Both countries are committed to working together and with others to promote full implementation of the Paris Agreement. India and the United States recognize the urgency of climate change and share the goal of enabling entry into force of the Paris Agreement as early as possible. The United States reaffirms its commitment to join the Agreement as soon as possible this year. India similarly has begun its processes to work toward this shared objective,” the joint statement said.

Key points

1) 5.4 GW of new commitments from US renewable companies that are seizing the opportunity to invest in India. 2)Announced plans to extend cooperation on rooftop solar systems to three new Indian states.3) A $30 million public-private research effort in smart grid and grid storage announced.