In order to kick-start fund mobilisation under the International Solar Alliance (ISA), the Indian government will set up a $350 million development fund for financing solar projects. It was announced by R K Singh, minister of power and new & renewable energy at the first ever outreach program of ISA in Abu Dhabi’s World Future Energy Summit (WFES) 2018.
“Over the years, Renewable Energy has become cheaper and is set to replace conventional energy, which is a healthy development, and added that India has one of the fastest growing Renewable Energy programmes in the World and the country would achieve its target of 175 GW of installed Renewable Energy capacity well before 2020. ISA shall help mobilise sufficient funds for solar energy projects,” Singh said in his address at WFES.
Upendra Tripathy, Interim Director General of ISA said the Letter of intentions/MoUS of nine solar-related projects from various company and bankers were signed at WFES. The companies are: Vyonarc Development Ltd., Greenko Solar, Gensol Group and SOLARIG from Spain, Shakti Pump, Refex Energy, Amplus Solar, TATA Power, Jackson Solar and Zodiac Energy.
YES Bank committed financing solar projects of over $5 Billion.
CLP India and NTPC Limited announced forging partnership deal with ISA and committed to make a voluntary contribution of $1 million each to ISA fund corpus. IEA and GCF also announced entering into a partnership with ISA.
On receipt of 15 ratifications, the ‘ISA Framework Agreement’ entered into force on the 6th December, 2017 thereby making ISA a de jure treaty-based international intergovernmental organisation. So far 19 countries have ratified and 48 countries have signed the ISA Framework Agreement, said a statement by the government.
“Over 100 projects shall be signed by April 2018 under ISA umbrella, Tripathy said.