Ontario government commits Rs 300 crore for Indian cleantech sector

MUMBAI: Government of Ontario, Canada has committed investments worth Rs 300 crore in India's cleantech sector to boost the latter's renewable and other innovative clean technologies.

"During a recent mission to India, led by Ontario Premier Kathleen Wynne, Ontario delegates signed a number of agreements with Indian businesses and the government, cutting across sectors, including 13 agreements in cleantech," an Ontario government statement said.

The estimated value of the agreements in the cleantech sector is CAD 59.4 million (about Rs 300 crore).

Ontario-based Advanced Energy Centre signed agreements with Tech Mahindra, Himachal Pradesh State Electricity Board Limited (HPSEBL) and India Smart Grid Forum.

"India's energy sector has a huge potential for renewable and other innovative clean technologies to address the energy supply gap, which is where the partnerships assume a strategic importance for the country," the statement added.

"This opens up door for setting up of more cleantech microgrids in India, and also importing of advanced technological solutions for Indian beneficiaries from their Ontarian counterparts," it added.

Ontario is putting its new 'Climate Change Strategy' into action by investing nearly USD 100 million from the Ontario Green Investment Fund into projects that would reduce greenhouse gas emissions, increase energy efficiency and support cleantech innovation.