Indian Prime Minister Narendra Modi and United States President Barack Obama announced Tuesday two new initiatives mobilizing up to $1.4 billion to finance India’s commitment to universal energy access.
Minigrids are renewable energy-based electricity generators that serve a set of consumers. They make up a major part of Modi’s promise to provide electricity to all Indians by 2019. Many have asked whether minigrids could be the next big opportunity beyond the grid. And with this influx of capital, Modi is well-positioned to put that question to the test as he looks to power the more than 18,000 villages that currently lack electricity.
Because there are far less sustainable ways for India to meet its ambitious targets, part of the pathway to the global goal of universal access to electricity by 2030, the stakes are high and the world is watching.