India and the United States have agreed to set up a $1 billion renewable infrastructure investment fund with contributions of up to $500 million each. The investment platform is part of the two countries’ collaboration to lower the cost of capital and accelerate the deployment of greenfield renewable energy, battery storage, and emerging green technology projects in India.
India’s National Investment and Infrastructure Fund and the U.S. Development Finance Corp. exchanged letters of intent to provide up to $500 million each to anchor this renewable infrastructure investment fund.
Under the India-U.S. Renewable Energy Technologies Action Platform [RE-TAP], India and USA will engage in lab-to-lab collaboration, piloting, and testing of innovative technologies; collaboration on policy and planning to advance renewable energy and enabling technologies; investment, incubation, and outreach programs; and training and skill development to accelerate the uptake and adoption of new and emerging renewable technologies and energy systems.
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