ADB and USAID ink MoU to develop solar parks in India
The Asian Development Bank (ADB) and the Unites States Agency for International Development (USAID) have signed a Memorandum of Understanding (MoU) for development of solar parks in India.
The MoU will facilitate 848 million US dollars in funding to develop solar parks across India. The collaboration of ADB and USAID will initially focus on the state of Rajasthan.
- The funding will assist India in developing the clean energy infrastructure by collaborating on design and development of PPP investment models for solar parks.
- It will help finance the development of solar parks in support of the Government of India’s renewable energy targets.
- The cooperation between two agencies will help to design and develop public-private partnership (PPP) models as well as study options for managing grid reliability.
- Under this agreement, USAID will align the technical resources of its existing Partnership to Advance Clean Energy Deployment (PACE-D) Program.
- USAID will support ADB’s investments in the development of solar parks and renewable energy transmission infrastructure in states.