ADB, USAID to assist India in developing clean energy projects
Asian Development Bank and the US Agency for International Development will assist India in developing the clean energy infrastructure by collaborating on design and development of PPP investment models for solar parks.
New Delhi: Asian Development Bank and the US Agency for International Development will assist India in developing the clean energy infrastructure by collaborating on design and development of PPP investment models for solar parks.
Asian Development Bank (ADB) and the United States Agency for International Development (USAID) today signed a Memorandum of Understanding to collaborate on supporting India's ambitious expansion plans for clean energy infrastructure, ADB said in a release.
Under the terms of the MoU, USAID will align components of their technical assistance with ADB's current and planned investments in renewable energy.
USAID, through its Partnership to Advance Clean Energy Deployment (PACE-D) Program, will work with ADB to assist Ministry of New and Renewable Energy (MNRE) and select states in the design and development of public private partnership (PPP) investment models for solar parks.
The assistance will focus on bringing innovation to the grid integration of power from concentrated renewable energy generation areas such as solar parks.
The specific frameworks for technical assistance are being established in coordination with MNRE, ADB said.
"ADB welcomes this collaboration with USAID that brings together our respective strengths, expertise, and resources to the common objective of supporting India's targets for clean energy expansion," said M Teresa Kho, Country Director for ADB in India.
"USAID and ADB have a shared interest in helping the Government of India achieve its clean energy targets. This partnership with ADB is a good example of how together we can broaden and multiply our contribution", said Jonathan Addleton, Mission Director for USAID India.
By aligning our technical expertise and financial resources, an out-sized impact on clean energy can be deployed, Addleton said.
ADB is currently financing the development of power evacuation infrastructure for solar parks in Gujarat and Rajasthan.
The Finance Ministry has asked ADB to provide financing up to USD 500 million each to support rooftop solar, and expansion of the transmission network to connect solar parks in multiple states under the MNRE solar park program.
Manila headquartered ADB works for poverty reduction through inclusive economic and environmentally sustainable growth in Asia and the Pacific region.