The Union Cabinet chaired by the Prime Minister Narendra Modi on 12 August 2015 gave its ex-post-facto approval for the Memorandum of Understanding (MoU) on cooperation to establish the Pace Setter Fund (PSF).
The PSF seeks to support the Promoting Energy Access through Clean Energy (PEACE) track of the US-India Partnership to Advance Clean Energy (PACE) between India and United States of America.
This MoU signed on 30 June 2015 is expected to accelerate commercialisation of innovative off-grid clean energy solutions by providing early-stage grant funding. This would also allow businesses to develop and test innovative products, systems and business models.
It will also help cooperation through technical and commercial innovation and advancement of clean energy in off-grid space. The India-US corpus of about 500 million rupees (8 million US Dollars) has been drawn on a 50:50 sharing basis.
Background
The Union Government and the United States of America have announced the launch of a new initiative Promoting Energy Access through Clean Energy (PEACE). This ambitious cooperation is a new tract under the U.S.-India Partnership to Advance Clean Energy (PACE), a flagship initiative on Clean Energy that combines resources of several US agencies and Union Government. This has also been listed in the Joint Statement during the visit of the President of the USA to India in January 2015.
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