The U.S. Agency for International Development (USAID) and the Asian Development Bank (ADB) on Monday signed a memorandum of understanding (MoU) to provide $848 million of funding for the development of solar parks across India.
“Through the agreement, USAID will align the technical resources of two of its programmes 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 Embassy of the U.S. said in a release. “In particular, USAID technical activities will help place investments of $348 million (Rs.2,331 crore) by ADB for transmission infrastructure for renewable energy deployment in western Rajasthan,” the release said.
The government has set a target of 175 Gigawatts of installed renewable energy capacity by 2022. Of this 100 GW is to come from solar power.
ADVERTISEMENT
The Ministry of New and Renewable Energy has said that it plans to set up 25 solar parks with a total capacity of 20,000 MW by 2020.