US to Consider More Funding to Spur India’s Clean Energy Sector
(Bloomberg) -- The US International Development Finance Corp. will consider more deals to accelerate India’s adoption of clean energy after making loans to solar equipment makers.
Recent agreements included a $500 million loan to a First Solar Inc. manufacturing facility in Tamil Nadu, and the lender has struck previous pacts with Tata Power Renewable Energy Ltd. and Vikram Solar Ltd.
“We see scope for expanding that,” Nisha Biswal, deputy CEO of the US government agency, said in an interview. “One of the key conversations we are going to have is clean energy manufacturing,” including solar, wind, cooling and the electric vehicle value chain, she said.
The lender has offered financing worth almost $4 billion in India, making the nation its largest single market.
India, the world’s third-largest emitter, needs trillions of dollars in investment in clean energy generation, grid upgrades and EVs to meet targets to decarbonize, according to BloombergNEF. Prime Minister Narendra Modi has pledged to hit net zero by 2070, and is also contending with fast rising electricity demand in the world’s most-populous nation.
“No global target is achievable if India doesn’t achieve its target,” Biswal said.
©2024 Bloomberg L.P.
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