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India-USA Sign MoU for PEACE
Jul 31, 2015

India and the United States of America signed a Memorandum of Understanding (MoU) on Cooperation to Establish the PACESetter Fund–A fund to support the Promoting Energy Access Through Clean Energy (PEACE) track of the U.S.-India Partnership to Advance Clean Energy (PACE) to accelerate the commercialization of off-grid clean energy through early-stage grant funding grants to develop and test innovative products, systems, and business models 

  • India and the the USA have announced the launch of a new initiative “Promoting Energy Access through Clean Energy (PEACE)”. 

  • This ambitious cooperation is a new tract under the U.S.-India Partnership to Advance Clean Energy (PACE), a flagship initiative on Clean Energy that combines the resources of several U.S. agencies and GoI Ministries. 

  • This has also been listed in the Joint Statement during the visit of President of USA to India in January, 2015. 

  • India-U.S. corpus of about Rs.500 Million ($8 Million U.S. Dollars) have been drawn on 50:50 sharing basis. 

  • Under this, a Steering Committee comprising the Secretary of the Ministry of New and Renewable Energy and the United States Ambassador to India, and three representatives from each side has been constituted. 

  • It was agreed to cooperate through technical and commercial innovation and the advancement of clean energy in off-grid space.


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