The Indian government has announced it will open an exchange of American green energy products and services on the Green Energy Exchange, a joint venture between a number of US-based firms.
India has set up the Green Exchange of the United States (GEU) in collaboration with the Green Climate Fund (GCF) and other US institutions and will host the exchange from April 5.
The announcement came as a surprise to the Indian Green Energy Association (GEVA), which is a leading trade body representing the Indian green energy sector.
It is expected that the Green exchange will open within the next few months.GEVA president Pankaj Raghavacharya told The Hindu that the exchange is “very exciting for Indian exporters who are trying to get their green energy market into the mainstream”.
India is the second largest exporter of US green energy after China, and the exchange will be the largest of its kind in the world.
It is a joint initiative between GEVA, the US Department of Energy’s National Renewable Energy Laboratory (NREL), the US Federal Energy Regulatory Commission (FERC), the Federal Reserve, the National Academy of Sciences, the Department of the Interior, and several others.
The GEVA also announced that it will invite US companies and firms to join the exchange.
It said that the purpose of the GEVA will be to provide a platform for US exporters to trade green energy across the Indian market.
“The Indian government will be actively engaged in the joint venture, which is part of its ongoing efforts to bring green technologies to the global market,” Raghava said.
The exchange will also enable US expats to access Indian green products and products at competitive prices.
“We expect the exchange to be a powerful platform for the US green industry to be able to export its green energy resources to India,” he added.