India and US to Invest USD 1 Billion in RE Infrastructure in India
The two leaders are also progressing towards the creation of investment platforms to reduce the cost of capital and expedite the deployment of RE greenfield projects, battery storage and evolving green technology projects in India.
September 11, 2023. By EI News Network
The two leaders are also progressing towards the creation of investment platforms to reduce the cost of capital and expedite the deployment of RE greenfield projects, battery storage and evolving green technology projects in India.
According to the joint statement, “Towards this end, India’s National Investment and Infrastructure Fund and the U.S. Development Finance Corporation exchanged letters of intent to each provide up to US$500 million to anchor a renewable infrastructure investment fund”.
The leaders highlighted the significance of decarbonizing the transportation industry and hailed developments in India's expansion of electric mobility, comprising their collaborated support for a payment security mechanism funded by both public and private funds. This will hasten the purchase of 10,000 electric buses built in India, including those for the Indian PM e-Bus Sewa program, which will also include the necessary charging infrastructure. The two nations are dedicated to cooperating to broaden the e-mobility industry's worldwide supply chain.
The leaders embraced the efforts to create an ambitious 'Innovation Handshake' agenda for the India-US Commercial Dialogue, which will contain two anchor events in the fall (one each in India and the US), where two sides will work together to connect start-ups, private equity and venture capital firms, corporate investment departments, and government officials to the innovation ecosystems of the both nations.
In August 2023, the leaders welcomed the launch meeting of the India-U.S. Renewable Energy Technologies Action Platform [RE-TAP], under which the two nations will involve in lab-to-lab collaboration, piloting, and testing of innovative technologies; collaboration on policy and planning to expedite RE and technologies; investment, incubation and outreach programmes; and training and skill development to promote the adoption of new and evolving renewable technologies and energy systems.
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