USAID, ADB to invest $848 mln in solar parks

The US Agency for International Development (USAID) and the Asian Development Bank (ADB) late March signed a memorandum of understanding (MoU) to provide $848 million of funding for the development of solar parks across India. ‘Through the agreement, USAID will align the technical resources of two of its programmes to support ADB’s investments in the development of solar parks and RE transmission infrastructure in states at the forefront of India’s efforts to promote clean energy,’ the US Embassy said in a release. ‘In particular, USAID technical activities will help place investments of $348 million by ADB for transmission infrastructure for renewable energy deployment in western Rajasthan,’ the release said. The government has set a target of 175 GW of installed RE capacity by 2022.