ADB, USAID sign US$848 million MoU to develop Indian solar parks

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email

The Asian Development Bank (ADB) and the US Agency for International Development (USAID) signed a memorandum of understanding to invest US$848 million for the development of Indian solar parks.

The two bodies seek to assist India in its ambitious plans to develop clean energy infrastructure under the Ministry of New and Renewable Energy (MNRE) solar park programme, by contributing to the design and development of public-private partnership (PPP) investment models.

The project is said to focus initially on solar parks in Rajasthan and Gujarat. At present, ADB is funding the construction of power evacuation infrastructure for the parks, with USAID providing technical expertise to the planned investments.

The development of the solar parks is in conjunction with the MNRE’s scheme to attract foreign investment from project developers and help the country reach its target of having 175GW of renewable energy installed by 2022.

The agreement was signed by Jonathan Addleton, mission director, USAID for India and M Teresa Kho, country director, India Resident Mission, ADB on 28 March 2016.

Read Next

February 25, 2021
Solar inverter supplier Sungrow will grow its manufacturing capacity in India to 10GW this year.
February 25, 2021
Independent power producer ReNew Power has agreed to go public through a merger with RMG Acquisition Corporation II, a US special purpose acquisition company (SPAC), in a deal that values the combined entity at US$8 billion
February 23, 2021
Strong installs expected in China, India and other markets as supply chain concerns ease and costs drop further
February 23, 2021
Solavio Labs, an Indian start-up that provides autonomous solar panel cleaning technology, is expanding its footprint to North America and the Middle East after securing fresh funding.
February 11, 2021
Azure Power overcame module procurement challenges to end its third quarter with 1,987MW of operational solar capacity, a 10% increase year-on-year.
February 4, 2021
Adani Green Energy has secured 3GW of PV capacity in a 6.4GW solar auction in the Indian state of Andhra Pradesh that saw higher tariffs than other recent tenders in the country.

Subscribe to Newsletter

Upcoming Events

Solar Media Events, Upcoming Webinars
March 9, 2021
Solar Media Events
March 17, 2021
Solar Media Events
April 13, 2021
Solar Media Events
April 20, 2021
Solar Media Events
June 15, 2021