International Solar Alliance secure financial partnerships

Rooftop solar energy systems getting larger as households tempted by falling prices and increased capacity

New Development Bank and International Solar Alliance have joined hands to promote solar energy across the globe.

Indian solar sector attracted over United States dollars 10 billion investment in 2017 as compared to USD 4 billion in the previous year, clean energy research firm Mercom Capital said today.

As part of the new agreement, ISA will support the African Development Bank's Desert to Power solar initiative -through which the Bank intends to turn Africa's deserts into new sources of energy.

The Central Chronicle reported that the institutions signing declarations on Saturday in New Delhi with ISA included the African Development Bank (AfDB), the Asian Development Bank (ADB), the Asian Infrastructure Investment Bank (AIIB), the Green climate fund (GCF), and the New Development Bank (NDB).

The goal is to develop 10,000 megawatts (MW) of solar power systems across the Sahel to provide electricity to 250 million people, 90 million of them, on off-grid systems.

It a collaborative platform - a coalition of solar resource rich countries to address their special energy needs through a common and agreed approach.

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Modi, the chief architect of ISA that seeks to bring together 121 nations, presented 10 action points to make affordable solar technology available to all nations.

President Macron in his opening remarks at the conference identified the solar projects, mobilization of public and private finance, and the transfer of innovative technology solutions and capacity building, as top priorities of the Alliance. "I am happy to announce that to fill the gap of solar technology, India will start a solar technology mission with global focus, which will cover all government technical and educational institutions", Prime Minister Narendra Modi said, announcing the unprecedented investment.

The joint declaration recognizes the Bank's New Deal on Energy for Africa, its energy policy and its leadership in working with governments, the private sector, and bilateral and multilateral energy sector initiatives to develop a Transformative Partnership on Energy for Africa.

"In 2017, Indian solar sector logged over Dollars 10 billion in financing activity, according to Mercom Capital Group's recently released 2017 Q4 and Annual India Solar Market update", it said in a statement.

According to the organisation, out of 60 member countries; 30 have countries have signed and ratified the ISA Framework Agreement up to date.

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