US $150 million US financing for solar power in India

The Board of Directors of the United States Overseas Private Investment Corporation (OPIC) has recently announced a $150 million financing to expand the use of solar energy to power telecommunication towers in India, a project that will significantly reduce CO2 emissions.

“This project brings OPIC’s financing for renewable energy in India to more than US $400 million,” said OPIC president and CEO Elizabeth Littlefield. “OPIC is proud to be supporting India’s impressive ambitions to shift to a less carbon-intensive economy.”

Project sponsor Applied Solar Technologies (AST) will use the OPIC loan to supplement cellular towers’ diesel-powered generators with solar hybrid energy systems that use proprietary controllers to integrate and optimize usage through photovoltaic technology, electricity from the electric grid, a battery bank charged by solar panels, and existing generators.

OPIC and other US trade and investment finance agencies played an important role in the US-India Partnership to Advance Clean Energy (PACE). This project, as well as support for Husk Power in Bihar, Azure Power in Punjab, the India-wide South Asia Clean Energy Fund, and two recently announced renewable resources investment funds that can invest in India, are examples of the US commitment to to help India reach its clean energy objectives.