U.S.-India Clean Energy Finance (USICEF) initiative, signed on a new partner, New Delhi-based PTC India Financial Services Limited (PFS), a Non-Banking Financial Company registered with India’s central bank.
USICEF is managed by San Francisco headquartered Climate Policy Initiative and was founded in 2017 in partnership with the Indian Ministry of New and Renewable Energy, OPIC, IREDA, and leading U.S. Foundations. It mobilizes debt financing for distributed solar energy in India, and supports early-stage projects to scale up, de-risk and become investment-ready. It leverages public and philanthropic funds to catalyze private investment into distributed clean energy in India.
“Distributed solar energy is critical for India’s clean energy transition,” added Dr. Dhruba Purkayastha, USICEF Director at Climate Policy Initiative. “With PFS’s support, we hope to create an even bigger impact.”
“The PFS family is delighted to be a part of the USICEF initiative, an innovative facility which presents us with an opportunity to finance and deploy high-impact development projects which can contribute in achieving India’s distributed energy target of 40 GW by 2022,” Dr. Pawan Singh, CEO, added.
