PACEsetter! India, US create $7.9mn fund for off-grid energy solutions

The fund will provide grants to support development and testing of innovative products, says report.

India and the US signed a memorandum of understanding (MoU) to establish the Rs. 50 crore ($7.9 million) PACEsetter Fund, according to reports.

A report says that the fund aims to accelerate commercialisation of innovation in off-grid clean energy solutions.

This is part of President Barack Obama and Prime Minister Narendra Modi's commitment to strengthening and expanding the US-India Partnership.

The fund will provide grants to support development and testing of innovative products, says report.