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USAID, DFC declared $41 million financing for renewable energy in India

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The United States Agency for International Development (USAID) and the US International Development Finance Corporation (DFC) have announced a USD 41 million-loan guarantee program to finance investment in renewable energy solutions by Indian SMEs.

USAID/India’s Acting Mission Director Karen Klimowski stated, Investments in solar solutions, secured by these credit guarantees, will improve access to clean, steady, and affordable energy as well as further progress towards India’s clean energy transition and climate change mitigation.

India’s commercial and industrial sectors pay high fees for their electricity, making rooftop solar a sustainable, cost-saving investment, but SMEs and residential consumers face obstacles in securing the financing needed to install and use rooftop panels. SMEs account for 48 percent of the total energy consumed in India’s industrial sector. Rooftop solar power generation offers a win-win. Lower monthly energy costs drive important social benefits, including job creation and economic growth, while reducing carbon emissions and improving air quality.

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