New Delhi, 17 May 2017 —
US-India Clean Energy Finance (USICEF) is currently seeking applications from project developers, project proponents, and catalyzers in India’s distributed solar power sector, who could benefit from project preparation services and funding for early stage project development. USICEF, a keystone of the commitment made between the Indian and US governments to mobilize finance for Indian clean energy, is India’s first facility to help promising distributed solar projects become viable investment opportunities, via essential early-stage project preparation support.
Roughly 40% of India’s target of 100 GW of solar power generation by 2022 is distributed solar power – rooftop solar, solar mini-grids, off-grid solar, and small-scale grid connected solar projects – which can play a key role in increasing energy access for underserved regions of India. Falling technology costs and government initiatives in India have created remarkable opportunities for rapid expansion of the distributed solar power market. However, companies in this market are often young and in significant need of early stage funding for project preparation services to help them scale up and become investment-ready.
USICEF aims to drive needed investment to the distributed solar power sector by supporting early stage development of projects. A partnership formed between the Indian Ministry of New and Renewable Energy (MNRE), the Overseas Private Investment Corporation (OPIC), and a consortium of US foundations, USICEF will deploy millions of dollars in project preparation support that will catalyze long-term debt financing for distributed solar power from OPIC and other international financial institutions. Climate Policy Initiative serves as the Program Manager.
USICEF invites project developers, project proponents, and market catalyzers (e.g. financing companies, leasing facilities, and companies engaged in portfolio development) in the distributed solar power sector to apply for support. For more information and to apply, visit www.usicef.org/project-developers/.