India’s clean energy sector will soon get a huge boost, thanks to a $100 million (£65.3m) investment from the US.
The US Agency for International Development (USAID) said it would partner with investor Northern Lights Capital Group to provide the fund, which will be used for new wind, hydropower, solar and large-scale energy efficiency projects.
They are expected to help the Indian Government meet its target of generating 30,000MW of electricity from renewable sources in the next five years.
USAID Administrator Raj Shah said: “USAID will be able to dramatically leverage large scale funding to help India’s transition to a low carbon economy and open-up new development opportunities for enhanced energy access.
“This investment could eventually create as much as 300-400 additional megawatts of sustainable energy capacity, which is equivalent to lighting the homes of tens of thousands of Indian families. And as our first investment in a private investment fund, it will help to facilitate access for US entrepreneurs to this important emerging market.”
last month an Indian private power company also secured an investment worth $30 million (£19.25m) for the development of wind and hydropower projects in the country.