December 11, 2024

The IKEA Foundation and Climate Policy Initiative today announce they will join forces to launch a project preparation facility which will support productive use renewable energy (PURE) companies in India to raise the capital they need to grow. Renewable energy companies in India need capital to grow and reach more people. There are available sources of finance, but accessing loans and investments can be complex and costly for fledgling companies, creating a barrier to growth. Climate Policy Initiative (CPI) will bring together renewable energy companies and lenders to streamline credit application process and expand available capital. By helping companies meet lenders’ requirements, CPI aims to unlock USD 15-17 million in finance for renewable energy products and services to improve people’s livelihoods. “PURE has a major role to play in India’s energy transition by enabling access to clean energy and generating livelihoods through the PURE initiative. Specifically in non-urban areas, but is yet to realize a small fraction of its potential,” said Dhruba Purkayastha, CPI’s India Director.