India announces $350 million Solar Development Fund
- India announced setting up of a $350 million solar development fund for solar projects financing.
- The International Solar Alliance (ISA) Framework Agreement entered into force on the 6th December, 2017, upon receipt of 15 ratifications.
- The ISA’s major objectives include global deployment of over 1,000GW of solar generation capacity and mobilisation of investment of over US$ 1000 billion into solar energy by 2030.
India announced setting up of a $350 million solar development fund for solar-projects-financing in the first International Solar Alliance (ISA) outreach programmes ‘International Solar Alliance Forum’ during 17-18th January, 2018 at the Future World Energy Summit (WFES) 2018.
WFES is a signature event of a global initiative, Abu Dhabi Sustainability Week, hosted by Masdar scheduled during 15-18th January, 2018 at Abu Dhabi (UAE).
Seven Energy Ministers of ISA Member countries participated in ISA Forum and presented their views on benefits of collaboration, synergies, and knowledge sharing at the international level to scale up solar energy for universal energy access and investing in Innovations, Technology and R&D for solar projects followed by breakout sessions.
In the ISA forum, India said it is one of the fastest growing Renewable Energy programmes in the World and our country would achieve its target of 175 GW of installed Renewable Energy capacity well before 2020.
- India signed LoIs / MoUs of nine solar related projects which various company and bankers.
- India will sign over 100 projects by April 2018 under ISA umbrella.
- India participated in three technical panel discussions: ISA a Trillion Dollar Opportunity; Networking of R&D Institutions in ISA Countries for Solar Innovation, Incubation & Start-Ups; and Best Practices for Solar Capacity Building in ISA Countries.
- These sessions were attended by Energy Ministers, policymakers, Multilateral Banks & Finance Institutions, R&D Institutions & Innovators, solar project developers and manufacturers, investors and other stakeholders.
- YES Bank committed financing solar projects of over $5 Billion.
- M/s CLP and M/s NTPC Limited announced forging partnership deal with ISA and committed to make voluntary contribution of $1 million each to ISA fund corpus.
- International Energy Agency (IEA) and Green Climate Fund (GCF) also announced entering into partnership with ISA.
About International Solar Alliance
The International Solar Alliance (ISA) Framework Agreement entered into force on the 6th December, 2017, upon receipt of 15 ratifications.
ISA become a de-jure treaty based international intergovernmental organisation, headquartered at Gurugram, India.
So far 19 countries have ratified and 48 countries have signed the ISA Framework Agreement.
The Paris Declaration establishes ISA as an alliance dedicated to the promotion of solar energy among its member countries.
Objectives of International Solar Alliance
The ISA’s major objectives include global deployment of over 1,000GW of solar generation capacity and mobilisation of investment of over US$ 1000 billion into solar energy by 2030.
As an action-oriented organisation, the ISA brings together countries with rich solar potential to aggregate global demand, thereby reducing prices through bulk purchase, facilitating the deployment of existing solar technologies at scale, and promoting collaborative solar R&D and capacity building.