During his speech at the US-India Business Council Summit, US President Barack Obama revealed a series of initiatives to boost trade and investments in India, including nearly US$2 billion in capital for renewable energy projects in India.

As a result of Obama’s remarks, U.S. Trade and Development Agency (USTDA) director Leocadia I. Zak has signed an grant agreement with independent power producer IL&FS Energy Development Company to collaborate on the construction of wind-integrated PV projects.

The US Export-Import Bank has already committed to a US$1 billion loan agreement for solar projects in India. However, Obama hinted earlier this week that more funding could be on the way.

As part of the summit, Obama promised of different ways to “mobilize American expertise and investment” in major Indian infrastructures. Zak has already signed off on deals with three Indian state governments to integrate U.S. technology into the cities of Ajmer, Allahabad and Vishakhapatnam.