August 24, 2018
The U.S.-India Clean Energy Finance (USICEF) initiative has signed on a new partner, Tata Cleantech Capital Limited (TCCL), a step which is expected to drive millions to distributed clean energy in India.
USICEF is managed by Climate Policy Initiative (CPI) and was founded in 2017 in partnership with the Indian Ministry of New and Renewable Energy, OPIC, IREDA, and leading U.S. Foundations. It is India’s first project preparation facility to help promising distributed solar projects develop into viable investment opportunities. By supporting these projects to become investment-ready, USICEF leverages public and philanthropic funds to catalyse private investment into distributed clean energy in India.
Speaking on the occasion, Mr. Manish Chourasia, Managing Director, TCCL said, “Initiatives like USICEF will play a critical role in bridging the financial gap in the rooftop solar market in India. The TCCL team is pleased to partner with USICEF to finance and deploy high-impact development projects that support underserved regions in India and assist the country meet its energy goals.”
“Since the distributed solar market in India is young, many promising projects are in significant need of early-stage funding for project preparation services to help them scale up, de-risk and become investment-ready” said Dr. Dhruba Purkayastha, USICEF Director at Climate Policy Initiative. “USICEF addresses this key financing gap. We hope to see the selected grant recipients develop into viable investment opportunities and contribute in achieving India’s distributed energy target of 40 GW by 2022.”
About US-India Clean Energy Finance (USICEF)
US-India Clean Energy Finance (USICEF) aims to drive access to energy in underserved regions of India by supporting early stage development of distributed solar power projects. A partnership between the Indian Ministry of New and Renewable Energy, the Overseas Private Investment Corporation (OPIC), and a consortium of foundations, USICEF provides project preparation support that will catalyze long-term debt financing for distributed solar power from OPIC, IREDA, TCCL and other international financial institutions. Climate Policy Initiative serves as the Program Manager.
About Tata Cleantech Capital (TCCL)
Tata Cleantech Capital Limited (TCCL) is a joint venture between Tata Capital and International Finance Corporation (IFC), Washington DC, US. TCCL offers end to end business solutions in the clean technology space. It identifies, evaluates & funds projects in renewable energy (solar, wind, small hydro, biomass etc.), energy efficiency and water treatment sectors. Since its inception, it has provided financial and advisory services to close to 40 clients. Through its industry knowledge & unmatched expertise, TCCL has managed to build an asset size of over INR 3300 crore. Largely driven by its excellent asset book size, the company is rated AA+ by the CRISIL.
About Climate Policy Initiative (CPI)
With deep expertise in policy and finance, CPI works to improve the most important energy and land use practices around the world. CPI’s mission is to help governments, businesses, and financial institutions drive growth while addressing climate risk. CPI has offices and programs in Brazil, Europe, India, Indonesia, and the United States.
Angel Jacob, (USICEF, CPI)
Stuart Pereira, (Tata Cleantech Capital Limited)
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