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India Innovation Lab for Green Finance, Supported by Business and Government Leaders, Opens Call for Ideas

November 23, 2015

Delhi — The India Innovation Lab for Green Finance, endorsed by the Ministry of New and Renewable Energy, has opened its call for ideas today. It is seeking ideas that can provide concrete solutions to the unique financing challenges to green infrastructure in India, in order to unlock more private investment needed to meet India’s clean growth targets. Interested parties can submit their ideas and find more information at www.greenfinancelab.in/ideas.

The India Innovation Lab for Green Finance, launched on November 12th, is comprised of expert public and private stakeholders, called Lab Members, from the infrastructure, finance, and renewable energy sectors. Lab Members will provide their expertise and experience to help identify and develop innovative finance instruments. Lab Mentors are high-level government stakeholders who support the India Innovation Lab through an advisory role.

Lab Members
– Asian Development Bank: Sid Shah, Senior Investment Specialist
– Central Electricity Regulatory Commission (CERC): Dr. Sushanta K Chatterjee, Joint Chief of Regulatory Affairs, and H. T. Gandhi, Deputy Chief of Finance.
– IL&FS Trust Company Limited (ITCL): Prasad Modak, Chief Sustainability Officer, and Alok Bhargava, CEO-Strategic Support Group
– India Infrastructure Finance Company Ltd (IIFCL): Dr. E.S. Rao, Chief General Manager, and Rajeev Kumar Gupta, Asst. Manager – Credit Monitoring
– Indian Renewable Energy Development Agency (IREDA): S. K. Bhargava, Director of Finance, and Debjani Bhatia, Assistant General Manager
– L&T Infra Finance: G. Krishnamurthy, Chief Executive, and Prashant Sinha, Head Credit Risk – Energy
– Nereus Capital: Rajesh Cherayil, Managing Director
– ReNew Power: Kailash Vaswani, Deputy CFO, and Nikunj Kathuria, Corporate Finance
– Simpa Networks: Paul Needham, CEO and Piyush Mathur, CFO
– YES BANK: Nitin Sukh, Group Executive Vice President of YES Institute, and Raghavendra Mandavilli, Senior Manager
– Shakti Sustainable Energy Foundation
– The David and Lucile Packard Foundation
– The UK Government

Mentors
– Ministry of New and Renewable Energy: Tarun Kapoor, Joint Secretary
– Ministry of Finance: Sharmila Chavaly, Joint Secretary
– NITI Aayog: Anil Jain, Energy Adviser

Quotes
“Investment vehicles that are tailored to private investors’ needs are essential to channeling more finance to clean energy and green infrastructure. The India Innovation Lab for Green Finance aims to facilitate these tailored vehicles and the Yes Institute at Yes Bank is pleased to be a part of it.” – Nitin Sukh, Group Executive Vice President, YES Institute at YES BANK

“IL&FS is proud to be participating in the India Innovation Lab for Green Finance. It will take innovative ideas that are designed specifically for increasing investment in green infrastructure and transform them from possibility to reality.” – Prasad Modak, Chief Sustainability Officer, IL&FS Trust Company Ltd.

“In order to drive more finance to the infrastructure needed to achieve India’s green growth targets, investors will require well-designed instruments that can reduce risks and increase returns. L&T Infra is proud to be a part of the India Innovation Lab for Green Finance, which will catalyze this important process.” – Prashant Sinha, Head Credit Risk – Energy, L&T Infra Finance

“India’s ambitious renewable energy and rural electrification targets will require ambitious solutions to overcome investment barriers and raise the needed finance. We look forward to being a part of the India Innovation Lab for Green Finance as it works to cultivate these solutions.” – Piyush Mathur, Chief Financial Officer, Simpa Networks

“The India Innovation Lab for Green Finance brings together stakeholders from both the public and private sectors who will contribute their expertise and experience to building channels for more investment in renewable energy in India. Partnerships like these are essential to tackling the challenges India faces in its pursuit of a cleaner economy.” – Gireesh Shrimali, Director of Climate Policy Initiative, India (Secretariat for the India Lab)

The India Innovation Lab for Green Finance has been endorsed by the Indian Ministry of New and Renewable Energy. It is hosted and funded by Shakti Sustainable Energy Foundation, with additional financial support from the UK Government and the David and Lucile Packard Foundation. Climate Policy Initiative in Delhi serves as the Secretariat and analytical provider.