Macarthur & Packard Foundations: Expanding Clean Energy in India

C2C members MacArthur Foundation and the David and Lucile Packard Foundation are participating in the creation of two innovative finance initiatives that seek to catalyze private, institutional and other capital sources for renewable energy projects in India — the U.S.-India Clean Energy Finance (ICEF) initiative and the U.S.-India Catalytic Solar Finance Program (CSFP).  As announced by the Obama White House, the Foundations join additional partners including the William and Flora Hewlett Foundation, and the Jeremy and Hannelore Grantham Environmental Trust in this effort,  with matching support from the Government of India. The ICEF initiative will raise an estimated $400 million in investment capital for solar energy projects that may then be considered for financial support from the Overseas Private Investment Corporation, with a focus on bringing renewable energy to poor communities in India. The CSFP will raise up to $1 billion in investment capital for India’s solar market, with a focus on bringing off-grid and solar rooftop projects to Indian villages.