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