POTUS vows to help India achieve its solar energy target | india | Hindustan Times
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POTUS vows to help India achieve its solar energy target

The US on Monday offered to help finance India’s ambitious solar energy target and said the US Trade and Development Agency for renewable energy will invest another $2 billion.

india Updated: Jan 27, 2015 01:57 IST
HT Correspondent

The US on Monday offered to help finance India’s ambitious solar energy target and said the US Trade and Development Agency for renewable energy will invest another $2 billion.

This was stated by US President Barack Obama in a speech on Monday.

Supporting India’s ambitious goal for solar energy, Obama said the US stands ready to speed this expansion with additional financing.

India is seeking investments of $100 billion over seven years to boost the country’s solar energy capacity by 33 times to 1, 00,000 megawatts.

India has already sought support from various multilateral agencies, including the World Bank, to finance its ambitious solar programme.

The US Export-Import Bank is also exploring projects for a $1 billion clean energy financing for companies willing to ship equipment from the United States to India.

First Solar and SunEdison Inc are two US solar companies that already have sizeable businesses in India, and together with local firms, are expected to invest $6 billion in India in the fiscal year up to March 31 and $14 billion in the next fiscal year.

SunEdison, along with Adani group, had announced recently at the vibrant Gujarat summit that it would jointly set up a $4 billion solar manufacturing facility at Mundra in India.

To further mobilise private capital for the clean energy sector, the US Agency for International Development will install a field investment officer in India this summer.