Sounding upbeat on the future of the relationship between Indian and U.S. companies in the renewable energy field, Mr. Kumar said a dozen-odd joint ventures had been signed between companies of the two countries totalling around $175-million worth of business in the renewable energy sector where the U.S. had the hi-tech technology to fuel the growth in the energy sector to meet the rising demand of the growing Indian economy.
U.S.-based Ascent Solar and The Energy and Resources Institute (India) have entered into a memorandum of understanding (MoU) to collaborate on off-grid solar charging solutions for rural electrification using Ascent solar modules. Nearly $15-30 million in U.S. exports are projected under this pact. Similarly, the other agreements include U.S.-based Team Sustain and UB Engineering Limited (India) signing an MoU to collaborate setting up large grid tie solar photovoltaic power plants in India which could generate business to around $84 million in U.S. exports. Azure Power (U.S.) and the Gujarat Energy Development Agency (India) have announced an investment of $40 million for a 15 MW solar power plant in Gujarat, a deal which could generate around $24 million of U.S. exports. Ice Solar (U.S.) and Race Power (India) have signed an MoU to collaborate on setting up a solar photovoltaic project in Rajasthan which could generate business worth $15 million in U.S. exports. On the other hand, the India-U.S. Energy Cooperation Programme will mobilise private sector expertise and resources.