PACEsetter Fund

Background

Energy access is crucial for improving the quality of life for India’s citizens and their economic conditions, and 24/7 energy availability remains a priority for the Indian government. Off-grid, clean energy technologies, combined with innovative financing models, market-based solutions, and policy alignment, have tremendous potential to become a transformative agent of economic opportunity and rural development.

In 2013, the Governments of the Republic of India and the United States of America launched Promoting Energy Access through Clean Energy (PEACE) as a new track under the U.S.-India Partnership to Advance Clean Energy (PACE), alongside the existing research (PACE-R) and deployment (PACE-D) tracks. PEACE aims to harness commercial enterprise to bring clean energy to individuals and communities un-served and underserved by the electricity grid. In June 2015, these governments established the PACEsetter Fund, a new joint fund to support the PEACE initiative by providing early-stage grant funding to accelerate the commercialization of innovative off-grid clean energy products, systems, and business models.