U.S.-India Clean Energy Finance (US-ICEF)
The US-India Clean Energy Finance (USICEF) initiative is India’s first facility to help promising distributed solar projects develop into viable investment opportunities, via essential early-stage project preparation support. USICEF is a keystone of the commitment made between the Indian and US governments to mobilize finance for Indian distributed clean energy projects.
USICEF will deploy millions of dollars in project preparation support, sourced from leading foundations and the Indian Ministry of New and Renewable Energy (MNRE), to distributed solar power projects under consideration for long-term financing from the Overseas Private Investment Corporation (OPIC). The William and Flora Hewlett Foundation, Good Energies Foundation, the John D. and Catherine T. MacArthur Foundation, and the David and Lucile Packard Foundation have committed funding to USICEF. Climate Policy Initiative (CPI) serves as the Program Manager.
USICEF’s support will lay the foundation for project developers in distributed solar power to access much-needed capital to scale up their businesses. By developing a framework to make projects investment-ready for OPIC and other development finance institutions, USICEF will also in turn help catalyze needed additional investment from private sources.
Applications are accepted on a rolling basis, but will be reviewed once quarterly. Typically it may take between 9 to 15 weeks from the date of application submission for the application review process to be concluded.
The process is as follows:
(1) The Project Developer applies for a USICEF grant for project preparation support. Access the project developer's application by filling out a contact form.
(2) The application is evaluated by CPI, as the Program Manager, and the Advisory Committee.
(3) Upon application approval, the Program Manager engages USICEF’s network of impaneled Service Providers to provide the relevant project support.
(4) Grant money is transferred to the Service Providers and/or Project Developer upon successful delivery of services.
(5) Project Developers receive project development support and become eligible for long-term financing from OPIC and other institutions.
USD 123 million
Typically it may take between 3-4 months from the date of application submission for the application review process to be concluded.