The PACEsetter Fund is a INR 50 crore (USD 7.9 million) fund jointly capitalized by the Governments of the Republic of India and the United States of America.

The Fund will award grants for direct support of innovative technology, business models, and programs including but not limited to: rural energy services companies (full scale integrated operators); rural distribution companies/franchisees; operations/maintenance companies; technology implementers/ system integrators; and enterprises.
The Fund will also consider awarding grants for product development, studies, research, capacity building and technical assistance, as long as this will provide significant support to the companies and organizations that provide small scale (under 1 MW) clean energy access solutions to individuals and communities with no or limited access to grid connected power.

Grant decisions are made by a Steering Committee composed of representatives from the Governments of India and the United States. The Steering Committee will be advised by an Executive Committee comprised of governmental and non- governmental experts from both countries. The bi-national Indo-US Science and Technology Forum (IUSSTF), New Delhi, India is the Administrator of the Fund.