Even as India and the U.S. on Monday inked an agreement to establish a bilateral energy cooperation programme to promote clean and energy-efficient businesses, Indian and U.S. companies inked joint venture deals worth $175 million in the renewable energy sector.
According to the Assistant Secretary of Commerce and Director General for the Foreign Commercial Service at the U.S. Department of Commerce, Suresh Kumar, the partnership between the two countries in the renewable energy sector was all set to take a huge stride. “India provides biggest opportunities in the renewable energy sector and the Jawaharlal Nehru Solar Mission 2020 is an initiative which the U.S. companies would like to be part of. Around 35 U.S. companies recently participated in the Delhi Renewable Energy Conference and exhibited their technology and products,” he remarked.
Sounding upbeat on the future of the relationship between Indian and U.S. companies in the renewable energy field, Mr. Kumar said a dozen-odd joint ventures had been signed between companies of the two countries totalling around $175-million worth of business in the renewable energy sector where the U.S. had the hi-tech technology to fuel the growth in the energy sector to meet the rising demand of the growing Indian economy.
U.S.-based Ascent Solar and The Energy and Resources Institute (India) have entered into a memorandum of understanding (MoU) to collaborate on off-grid solar charging solutions for rural electrification using Ascent solar modules. Nearly $15-30 million in U.S. exports are projected under this pact. Similarly, the other agreements include U.S.-based Team Sustain and UB Engineering Limited (India) signing an MoU to collaborate setting up large grid tie solar photovoltaic power plants in India which could generate business to around $84 million in U.S. exports. Azure Power (U.S.) and the Gujarat Energy Development Agency (India) have announced an investment of $40 million for a 15 MW solar power plant in Gujarat, a deal which could generate around $24 million of U.S. exports. Ice Solar (U.S.) and Race Power (India) have signed an MoU to collaborate on setting up a solar photovoltaic project in Rajasthan which could generate business worth $15 million in U.S. exports. On the other hand, the India-U.S. Energy Cooperation Programme will mobilise private sector expertise and resources.
