USAID, ADB sign Develop Solar Parks MoU

Posted on:30 Mar 2016 16:56:22
USAID, ADB sign Develop Solar Parks MoU
30 March 2016 Current Affairs: New Delhi, Mar 28 (ANI): The US Agency for International Development (USAID) and the Asian Development Bank (ADB) today signed a Memorandum of Understanding to facilitate USD 848 million (Rs. 5,681 crore) in funding to develop solar parks across India.The agreement was signed by Jonathan Addleton, Mission Director, USAID/India and M. Teresa Kho, Country Director, India Resident Mission, Asian Development Bank.Through the agreement, USAID will align the technical resources of two of its programs to support ADBs investments in the development of solar parks and renewable energy transmission infrastructure in states at the forefront of Indias efforts to promote clean energy. The collaboration will initially focus on the state of Rajasthan.The cooperation will design and develop public-private partnership models as well as study options for managing grid reliability. In particular, USAID technical activities will help place investments of USD 348 million (Rs. 2,331 crore) by ADB for transmission infrastructure for renewable energy deployment in western Rajasthan.USAID will also work with ADB across India with an additional USD 500 million (Rs. 3,350 crore) of investment in the design and development of solar parks.

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