- Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests.
PACEsetter Fund programme
What to study?
For Prelims: What is it? Overview.
For Mains: Significance and the need for this fund, why promote off- grid clean energy?
Context: Ministry of New and Renewable Energy awards grants to four projects in second round of PACEsetter Fund programme.
- Constituted by India and the USA in 2015.
- It is a INR 50 crore (USD 7.9 million) fund jointly capitalized by the Governments of the Republic of India and the United States of America.
- It is a joint fund to provide early-stage grant funding to accelerate the commercialization of innovative off-grid clean energy products, systems, and business models.
- The Fund will award grants for direct support of innovative technology, business models, and programs including but not limited to: rural energy services companies (full scale integrated operators); rural distribution companies/franchisees; operations/maintenance companies; technology implementers/ system integrators; and enterprises.
To be eligible, projects must be focused on improving the viability of off grid renewable energy businesses and organizations, under served individuals and communities in India without access to grid connected power or with limited or intermittent access less than 8 hours per day using small scale (under 1 megawatt) clean energy systems.
Energy access is crucial for improving the quality of life for India’s citizens and their economic conditions, and 24/7 energy availability remains a priority for the Indian government.
Off-grid, clean energy technologies, combined with innovative financing models, market-based solutions, and policy alignment, have tremendous potential to become a transformative agent of economic opportunity and rural development.