In India, CPI focuses on developing innovative finance and policy solutions in support of the renewable energy and green growth plans of the Government of India. We work with a host of partners including the Ministry of New and Renewable Energy and Indian Renewable Energy Development Agency through the management of a USD 10 million engagement for decentralized solar, and more recently with Encourage Capital and KfW on the build-up of financial intermediaries. 

The team expertise lies in renewable energy, electric mobility, forestry, fiscal instrument design, and the financial sector at large. 

The team is led by CPI’s Asia Director, Mahua Acharya.

Latest work


Powering reforms: Transforming India’s power sector through GARUDA

Retiring old, inefficient coal-based power plants by bundling them with new, cheap renewable energy plants would bring multiple transformational benefits to the power sector, improve the PLF and efficiency of old thermal plants.


India’s lightbulb moment: Not using this crisis for meaningful energy sector reform would be a waste

The trend of low power demand, now furthered in the post-COVID economy, and increased RE generation, will continue to put a ceiling on the PLF of the thermal fleet.


Developing a roadmap to a flexible, low-carbon Indian electricity system

Without policy intervention and new market design, India’s clean electricity future may struggle to achieve its potential.


Alternative Investment Funds as a Potential Pathway for Refinancing Clean Energy Debt in India

Alternative Investment Funds offer the best near and medium-term path to expanding renewable energy access to capital markets.


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.


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.


Transitional Foreign Exchange Debt Platform

Analyzing all the pertinent constraints to the stakeholders in this case study we propose a solution that appears most feasible: A Transitional Foreign Exchange Debt Platform.


The Lab: 2018-2019 Cycle Instrument Analysis

Lab members voted to endorse all six financial mechanisms and enterprises in the Lab’s 2019 class in a side event to the UN Climate Action Summit, officially launching them for operation, and offering inputs for their implementation pathways.

Latest News and Events


Mahua Acharya

Asia Director

Dhruba Purkayastha

Director, US-India Clean Energy Finance

Angel Jacob

Communications Associate

Arun Kumar Jain

Senior Finance Officer

Divjot Singh

Senior Analyst

Himanshu Baghel

Senior Analyst, Energy Finance

Jolly Sinha


Kushagra Gautam

Senior Analyst

Labanya Prakash Jena


Neha Sharma

Operations Manager

Sagar Srijan Joshi

Senior Analyst

Shabdita Bajpai

Finance Associate

Shreyans Jain


Vijay Nirmal Gavarraju

Project Manager, US-India Clean Energy Finance