US-India Clean Energy Finance (USICEF)
From 2016-2023, CPI managed the US-India Clean Energy Finance (USICEF) initiative: India’s first project preparation and pipeline development facility to support promising distributed solar projects to develop into viable investment opportunities and drive long-term debt financing.
USICEF is a keystone of the commitment made between the Indian and US governments to mobilize finance for Indian distributed clean energy projects.
USICEF supported more than 45 early-stage businesses across 20 states in India that went on to mobilize more than 30x in commercial capital over the initial grants provided.
Featured work
Publication
The Future of Distributed Renewable Energy in India
India will require an annual DRE investment of USD 18 billion by 2024, a 10x increase from current levels to meet its sustainability targets. This CPI report outlines the benefits and market potential of India’s DRE sector, examines the current policy and institutional landscape, and provides tailor...
Publication
Credit Support Pathways for Rooftop Solar Projects in India
The proposed Credit Guarantee Mechanism addresses the most important barriers to scaling rooftop solar in the MSME sector; and could be crucial if India wants to achieve its rooftop solar target by 2022.
Publication
Drivers and Challenges for Rooftop Solar Loans to Small and Medium Enterprises in India
A CAPEX model with a commercial loan for the off-taker is a potential solution for these categories of customers. In this report, we assess the viability of the CAPEX loan model with a focus on the MSME sector, identify barriers to uptake, and recommended policy solutions to these barriers.
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Latest work
Publication
IDFC Green Finance Mapping 2026: Biodiversity Analysis
IDFC biodiversity finance rose 79% to USD 14.2 billion in 2025. A stocktake shows members are building biodiversity into their strategies. Explore the key findings and the priorities for scaling up biodiversity finance.
Publication
2026 Catalytic Climate Finance Facility Impact Report
In under three years, the program has supported 17 scalable vehicles that have raised $308 million in new commitments since joining the program and unlocked more than $700 million.
Blog
What agribusinesses and investors gain by designing for women
When capital is deployed using the right instruments, timelines, and infrastructure to support women, returns are competitive for both investors and agribusinesses. This blog argues that continuing to overlook these investments is where the real risk lies.
Publication
State of Super Pollutants Abatement Finance
The first global mapping of super-pollutant abatement finance finds just US$9 billion was tracked in 2023, equivalent to 0.5% of climate mitigation finance. The report identifies where funding is flowing, where gaps remain, and how to mobilise investment in solutions.
Blog
Out of Landfills: Co-benefits of Decentralizing Organic Waste Management in Bandung
A cost-benefit analysis of decentralized organic waste management in Bandung finds that diverting organic waste from landfills could yield benefits worth 5.17 times its costs, while cutting methane emissions, creating green jobs, and easing pressure on city budgets.
Publication
Financing Adaptation in India: Recent Developments and Emerging Pathways
Adaptation is becoming central to India’s climate and development planning. This report examines evolving climate risks, national and state-level policies, adaptation finance requirements, and opportunities to scale financing and strengthen climate resilience across India.
