International Solar Alliance Cell and World Bank sign Declaration for promoting Solar Energy

Jul 1, 2016 11:15 IST

The Interim Administrative Cell of the International Solar Alliance (ISA Cell) and the World Bank on 30 June 2016 signed declaration to promote solar energy globally. The declaration was signed during the visit of the World Bank President Jim Yong Kim to India in June 2016.

The declaration was signed by  Upendra Tripathy, Secretary of Union Ministry of New and Renewable Energy and Chairperson, ISA cell and Onno Ruhl, India Country Director of the World Bank.

Major areas identified in the Declaration for working jointly
• Developing a roadmap to mobilize financing
• Developing financing instruments including credit enhancement, reduce hedging costs/currency risk, bond raising in locally denominated currencies etc. which support solar energy development
• Supporting ISA’s plans for solar energy through technical assistance and knowledge transfer
• Working on mobilization of concessional financing through existing or new trust funds

Benefits arising out of this Declaration
• The Joint Declaration will help in accelerating mobilization of finance for solar energy.
• The World Bank will have a major role in mobilizing more than 1000 billion US dollars in investments that will be needed by 2030 for the massive deployment of affordable solar energy.

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