In another step forward for the U.S.-India Partnership to Advance Clean Energy (PACE), U.S. Ambassador to India Richard Verma announced today that up to USD two million in grants will be made available for innovative, early-stage off-grid clean energy projects in the first round of the PACE setter fund.
PACE setter fund is a joint Rs. 50 crore fund established in June by the Governments of India and the United States to accelerate the commercialization of off-grid clean energy solutions.
Initial expressions of interest are due on October 16. More information is available at PACEsetterFund.org.
Speaking at the inaugural India Off-Grid Energy Summit, Ambassador Verma also announced the launch of a new public-private partnership that will work to mobilize USD 41 million in finance to enable clean energy entrepreneurs to sustain and scale their business models beyond the early stage targeted by the PACE setter fund.
This effort, a partnership between New Ventures India, Insitor Management, the Global Social Business Incubator at Santa Clara University, and USAID/India, aims to help one million Indians gain access to electricity through off-grid clean energy solutions.
Taken together, these two announcements advance U.S. President Barack Obama and Prime Minister Narendra Modi's commitment to embark on a new and enhanced strategic partnership on energy security, clean energy, and climate change.
They are major milestones for Promoting Energy Access through Clean Energy (PEACE), a PACE initiative focused on harnessing commercial enterprise to bring clean energy access to unserved and underserved individuals and communities.
