NEW DELHI, INDIA – The Asian Development Bank (ADB) and the United States Agency for International Development (USAID) today signed a Memorandum of Understanding (MoU) to collaborate on supporting India’s ambitious expansion plans for clean energy infrastructure.
ADB is currently financing the development of power evacuation infrastructure for solar parks in Gujarat and Rajasthan in India. The Department of Economic Affairs, Ministry of Finance, Government of India, has requested ADB to provide financing up to $500 million each to support rooftop solar, and expansion of the transmission network to connect solar parks in multiple states under the Ministry of New and Renewable Energy (MNRE) solar park program. Under the terms of the MoU, USAID will align components of their technical assistance with ADB’s current and planned investments in renewable energy.
USAID, through its Partnership to Advance Clean Energy Deployment (PACE-D) Program, will work with ADB to assist MNRE and select states in the design and development of public private partnership (PPP) investment models for solar parks. Future technical assistance will focus on bringing innovation to the grid integration of power from areas of concentrated renewable energy generation, such as at solar parks. The specific frameworks for technical assistance are being established in coordination with MNRE.
“ADB welcomes this collaboration with USAID that brings together our respective strengths, expertise, and resources to the common objective of supporting India’s targets for clean energy expansion,” said M. Teresa Kho, Country Director for ADB in India, who signed the MoU for ADB.
“USAID and ADB have a shared interest in helping the Government of India achieve its clean energy targets. This partnership with ADB is a good example of how together we can broaden and multiply our contribution. By aligning our technical expertise and financial resources, we can have an out-sized impact on clean energy deployment,” said Jonathan Addleton, Mission Director for USAID India.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members – 48 from the region.