New Delhi – The India Innovation Lab for Green Finance has selected four new ideas for green finance instruments to move forward for development in the next phase of its inaugural year. Lab Members, consisting of experts from government, finance, renewable energy, and infrastructure, met on 22 February in New Delhi to vote on four ideas showing the most potential to drive more private investment and leverage public finance for India’s green growth targets, out of a list of 61 strong ideas that were submitted through an open call for ideas. Ministry of New and Renewable Energy Joint Secretary Mr. Tarun Kapoor announced the winning ideas at the meeting, and applauded the swift progress made by the India Lab since its November 2015 launch. The four winning ideas are:
- Loans4SME: A peer to peer lending platform to help small and medium enterprises operating in renewable energy and energy efficiency raise debt finance, using a credit rating algorithm that could significantly expand investment sources. The idea proponent is Aurus Lending Solutions.
- Rooftop Solar Private Sector Financing Facility: A facility to provide debt financing for rooftop solar PV projects that provide power to private sector offtakers using an aggregation and securitisation model. The idea proponents are the IFC and Azure Power.
- P50 Risk Solutions: A facility to reduce the cost and increase the amount of long-term debt for renewable energy projects by transferring resource risk from banks to insurers through a blending of commercial and donor capital. The idea proponents are P50 Risk Managers and Swiss Re Corporate Solutions.
- Renewable Energy Integrated Hedging, Equity and Debt Fund: A fund to facilitate large-scale international institutional investment into renewable energy by managing currency risk and aligning the cost of capital with risk profile during and post construction. The idea proponent is RR Corporate Ltd.