India and US on brink of US$1 billion renewable investment deal - report

Facebook
Twitter
LinkedIn
Reddit
Email

India and the US are close to signing a billion dollar financing deal for renewable energy projects, according to reports.

Indian media are reporting that the two countries will soon announce a US$1 billion loan facility between the ExIm Bank and the Indian Renewable Energy Development Agency (IREDA) for clean energy projects.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

According to the Business Standard, IREDA’s chairman and managing director KS Popli confirmed that an announcement was close.

As a condition of the loans, 30% of the equipment for each project would have to have been sourced in India.

Speaking prior to the visit, a White House official confirmed energy access was on the agenda.

“…We look forward to continued emphasis on India’s energy security, and how we can work together to advance that goal and objective, including with respect to access to energy for the 400 million Indians who currently have insufficient or inadequate access to power. Particularly important in our conversations is the focus on clean energy and clean technology, and how we can advance our partnership in that area,” the official said.

Prime Minister Narendra Modi is currently in the States and had dinner with President Obama on Monday night with further talks scheduled for Tuesday. A joint vision statement released after the dinner hinted that cooperation would also include ongoing nuclear energy work.

“We will partner to ensure that both countries have affordable, clean, reliable, and diverse sources of energy, including through our efforts to bring American-origin nuclear power technologies to India,” the statement said.

India has relaxed domestic content rules after project developers claimed it was becoming difficult to procure sufficient bankable equipment. The government also rejected calls for anti-dumping duties on some overseas modules. Modi's enthusiasm for solar has been well documented. He also pledged after the election to put at least one electric lightbulb in every home in India. 

Read Next

October 13, 2025
France’s Engie and the UAE’s Masdar have been chosen to jointly develop a 1.5GW PV power plant near Abu Dhabi.
Premium
October 13, 2025
Brett Beattie of Castillo Engineering looks at some of the key land grading work that can make multimillion-dollar differences to projects.
October 13, 2025
Korean chemical production firm OCI Holdings has acquired a 65% stake in a Vietnamese solar wafer production plant, intending to export solar wafers to the US.
October 13, 2025
The world is on pace to exceed 3TW of cumulative solar installations by the end of the year, according to a report from DNV.
October 13, 2025
The Trump administration has cancelled the 6.2GW Esmeralda 7 solar project in Nevada – once touted as one of the largest in the world.
October 13, 2025
Two Chinese state-owned energy enterprises have signed cooperation agreements on PV and wind power projects with Saudi companies, with the total contract value exceeding RMB30 billion (US$4.2 billion). 

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK