US agencies to lend to Indian SMEs for green energy
POWER & RENEWABLE ENERGY

US agencies to lend to Indian SMEs for green energy

The US International Development Finance Corporation (DFC) and the United States Agency for International Development (USAID) are jointly sponsoring a $41 million loan portfolio guarantee to aid investments by Small and Medium Enterprises (SMEs) in renewable energy in India.

These include rooftop solar installations, and SMEs will be able to access reliable power and reduce costs.

While India’s commercial and industrial sectors pay high fees for their electricity, making rooftop solar a sustainable and cost-saving investment, SMEs and residential consumers face obstacles in securing the financing needed to install and use rooftop panels, according to a statement by the US embassy.

SMEs account for 48% of the total energy consumed in India’s industrial sector. Investments in green energy will help reduce carbon emissions and improve air quality.

DFC and USAID partnered with the New York-based Encourage Capital, an environment focused investment firm, and two Indian non-banking financial companies, cKers Financial and Electronica Finance Limited (EFL), to address the challenges posed by carbon emissions.

Encourage Capital has invested $15 million in EFL, which will use the USAID-DFC loan portfolio guarantee to stimulate the rooftop solar market, representing a $9 billion market opportunity for SMEs.

USAID is an independent agency of the United States federal government that is primarily responsible for administering civilian foreign aid and development assistance.

The United States International Development Finance Corporation is the development finance institution of the United States federal government, primarily responsible for providing and facilitating the financing of private development projects in lower and middle-income countries.

Image Source


Also read: Hartek Solar bags project from FMCG firm Bikaji

Also read: No net metering for rooftop solar systems over 10 kW: MoP

Also read: India's solar capacity addition at five-year lowest

The US International Development Finance Corporation (DFC) and the United States Agency for International Development (USAID) are jointly sponsoring a $41 million loan portfolio guarantee to aid investments by Small and Medium Enterprises (SMEs) in renewable energy in India. These include rooftop solar installations, and SMEs will be able to access reliable power and reduce costs. While India’s commercial and industrial sectors pay high fees for their electricity, making rooftop solar a sustainable and cost-saving investment, SMEs and residential consumers face obstacles in securing the financing needed to install and use rooftop panels, according to a statement by the US embassy. SMEs account for 48% of the total energy consumed in India’s industrial sector. Investments in green energy will help reduce carbon emissions and improve air quality. DFC and USAID partnered with the New York-based Encourage Capital, an environment focused investment firm, and two Indian non-banking financial companies, cKers Financial and Electronica Finance Limited (EFL), to address the challenges posed by carbon emissions. Encourage Capital has invested $15 million in EFL, which will use the USAID-DFC loan portfolio guarantee to stimulate the rooftop solar market, representing a $9 billion market opportunity for SMEs. USAID is an independent agency of the United States federal government that is primarily responsible for administering civilian foreign aid and development assistance. The United States International Development Finance Corporation is the development finance institution of the United States federal government, primarily responsible for providing and facilitating the financing of private development projects in lower and middle-income countries. Image Source Also read: Hartek Solar bags project from FMCG firm Bikaji Also read: No net metering for rooftop solar systems over 10 kW: MoP Also read: India's solar capacity addition at five-year lowest

Next Story
Infrastructure Transport

BMC Gets CRZ Nod For Rs 40 Million Gorai Bridge Rebuild

The Brihanmumbai Municipal Corporation (BMC) has secured Coastal Regulation Zone (CRZ) clearance for the reconstruction of the Poisar River bridge in Gorai, located in Mumbai’s western suburbs. However, the proposed demolition of the existing 100-metre bridge has sparked opposition from local residents, who claim it serves as the only direct access route between the Lower and Upper Koliwada areas. The three-decade-old bridge, situated within the CRZ buffer zone, was recently declared structurally unsafe following a civic audit. The BMC has sanctioned its reconstruction at an estimated cost ..

Next Story
Infrastructure Transport

NHAI Completes Rs 15.9 Billion Four-Lane Stretch On ECR

The National Highways Authority of India (NHAI) has completed the four-laning of the 38 km Puducherry–Poondiyankuppam stretch, ending near Cuddalore, in a development that will cut travel time by up to two hours, according to a report by The New Indian Express. The upgraded section, built at a cost of Rs 15.9 billion under the Bharatmala Pariyojana Phase I, marks a major milestone in the ongoing East Coast Road (ECR) widening programme. The project promises a smoother, faster drive for motorists travelling towards Cuddalore, Chidambaram, Sirkazhi, and Nagapattinam. With this completion, 22..

Next Story
Infrastructure Transport

Encroachments Delay Rs 1 Billion Ghatkopar Bridge Project

The construction of a new cable-stayed rail overbridge at Ghatkopar and the widening of the Andheri–Ghatkopar Link Road (AGLR) have been delayed due to the presence of nearly 250 encroached structures on both sides of the road. In response, Municipal Commissioner Bhushan Gagrani has directed officials to carry out a structural audit of the existing bridge over the railway line and enforce temporary restrictions on heavy vehicles to ensure public safety. The bridge, which starts at the Golibar Road junction near LBS Marg and extends up to the Eastern Express Highway (EEH), serves as a critic..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?