India & USA works towards creation of US $20 million for US-India Energy Finance initiatives

India and the United States of America (USA) will be jointly working for the creation of US $ 20 million for US-India Energy Finance Initiatives, equally supported by the USA and India, which is expected to mobilize up to US $ 400 million to provide finances for clean and renewable electricity by 2020. This was stated by Mr. Piyush Goyal, Minister of State (IC) for Power, Coal & New and Renewable Energy and Mines in a written reply to a question in the Lok Sabha.

The Minister further stated that India and the USA are exploring the possibilities to establish the US-India Clean Energy Hub, as a coordinating mechanism in partnership with leading Indian financial institutions, with a view to increase renewable energy investment in India. 

Such initiatives will support the development of solar and clean energy substantially if US $ 400 million of finances are raised through proposed initiatives, the Minister added.