The United States’ Overseas Private Investment Corporation (OPIC) has announced it will spend $880 million on renewable energy projects in India under a deal brokered by Secretary of State Hilary Clinton. In support of the US-India Partnership to Advance Clean Energy, Energy Security and Climate Change (PACE) initiative, OPIC will spend a total of USD$600 million in the Asian region, of which $360 will channel directly to solar, wind, hydropower and biomass projects in India. OPIC says a further $520 million earmarked for finance and insurance of Indian solar power projects will flow before the end of 2011. Under the agreement US Department of Energy (DOE) will fund a $25 million bilateral Joint Clean Energy Research and Development Centre aimed at research and development on building efficiency, solar energy and advanced biofuels. Source: Energy Matters, Image: www.flickr.com
