India and the US have signed a memorandum of understanding to set up the Rs 50 crore PACEsetter Fund. The main objective of this fund is to give boost to commercialization of innovation in off-grid clean energy solutions. This is part of Prime Minister Narendra Modi and President Barack Obama’s commitment to strengthening and expanding the US-India Partnership to Advance Clean Energy (PACE).

The fund will provide grants to support development and testing of innovative products, systems and business models to improve the viability of off-grid renewable energy businesses.

Tidbits

• PACEsetter Fund is the principal funding arm of Promoting Energy Access through Clean Energy (PEACE).
• PEACE is an initiative of the governments of the US and India to harness commercial enterprise and bring clean energy access to unserved and undeserved individuals and communities.
• Other PEACE activities include development of a quality assurance framework for mini-grids and support for the Clean Energy Access Network (CLEAN), which seeks to develop the decentralised clean energy sector in India.