The U.S. Agency for International Development (USAID) and the Asian Development Bank (ADB) on 28 March 2016 signed a Memorandum of Understanding (MoU) to facilitate 848 million US dollars in funding to develop solar parks across India.
The agreement was signed by Jonathan Addleton, Mission Director, USAID/India and M. Teresa Kho, Country Director, India Resident Mission, Asian Development Bank.
This agreement between USAID and ADB will help finance the development of solar parks in support of the Government of India’s renewable energy targets.
Key highlights of the MoU
• USAID will align the technical resources of two of its programs to support ADB’s investments in the development of solar parks and renewable energy transmission infrastructure in states at the forefront of India’s efforts to promote clean energy.
• The collaboration will initially focus on the state of Rajasthan.
• The cooperation will design and develop public-private partnership models as well as study options for managing grid reliability.
• USAID technical activities will help place investments of 348 million US dollars by ADB for transmission infrastructure for renewable energy deployment in western Rajasthan.
• USAID will also work with ADB across India with an additional 500 million US dollars of investment in the design and development of solar parks.
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Who: USAID and ADB
What: Signed MoU
When: 28 March 2016