USIBC Delegation explores avenues for joint collaboration and investment in clean technology

Council leads talks to grow bilateral cooperation in innovation, protecting the environment and meeting the country’s ambitious clean energy targets
New Delhi, March 22, 2016: The U.S.-India Business Council (USIBC) led a mission on exploring opportunities for cooperation and expanding bilateral trade in the areas of clean technology, clean energy and infrastructure across three Indian cities— New Delhi, Ahmedabad and Hyderabad. The Government of India has augmented its solar target fivefold to 100 GW and wind target to 60 GW by 2022, representing a $125 billion investment opportunity. The delegation included USIBC members working in the US-India energy corridor, presenting a board range of opportunity in the renewable energy space such as GE, AES, 8minutenergy, First Solar, Applied Materials, CH2M among others.

The objective of the meetings was to create sustained engagement on national and state-level policies and regulatory frameworks, such as the National Solar Mission and state solar policies, and thereby, ensure a level playing field for all participants. There has been considerable progress in transmission, but the problem of congestion remains, both at the interstate and intra-state levels.

Through its meetings with senior Government of India officials, the delegation explored avenues for joint collaboration and technical exchanges in areas such as energy storage and transmission infrastructure, wind and solar power generation, energy efficiency technology and services, while also articulating how investors can work in stride with both state and central governments to meet the country’s ambitious clean energy targets of installing 175 GW by 2022.

“The strong focus on renewable energy will help increasing access to energy for all Indian citizens as part of Prime Minister Modi’s ambitious reform agenda. There is also an urgent need for long-term financial solutions in the clean energy economy.American enterprise is eager to help in all ways possible. The delegation engaged with senior Government of India leaders to develop an action plan for a regulatory and infrastructure environment that will further foster innovation, attract investment, create jobs and fulfill initiatives such as Make in India, Innovate in India,” said Mukesh Aghi, President of the U.S.-India Business Council

The delegation met with the Ministry of New and Renewable Energy and Department of Industrial Policy & Promotion, Gujarat Chief Minister Anandiben Patel, Andhra Pradesh Chief Minister, N. Chandrababu Naidu and other key Ministries such as the Ministry of Power, Urban Development and External Affairs.

“Our discussions with senior GOI officials to expand India’s power sector and promote safety, reliability and efficiency for generation, transmission, distribution and grid management bode well for ease of doing business in the country,” said Srinivas Satya, President and Managing Director, Applied Materials India. “As India embarks on its ‘Make-in-India’ mission, the high-tech industry will require fault-free, high-quality and reliable power. We look forward to constructive discussions on key investment issues that will drive opportunities for India while enabling fair participation by multinational companies, to help India achieve its power generation targets.”

“As a global leader in the space, AES is focused on energy storage opportunities to support aggressive renewable growth targets in India. Energy storage enables the efficient integration of renewable energy, can replace conventional peaking generation capacity and reduce the need for investment in transmission and distribution,” said Marty Crotty, President Asia, AES.