Published: Wed, March 14, 2018
Business | By Tara Barton

AfDB, ISA to boost solar energy development in Africa

AfDB, ISA to boost solar energy development in Africa

The African Development Bank (AfDB) has struck a partnership deal with the International Solar Alliance (ISA) to provide impetus to solar energy development in Africa.

The joint financial partnership seeks to inject $1,000 billion into solar energy by the year 2030.

This involves technical assistance, knowledge transfer, funding for off-grid projects and large-scale independent solar power producers.

Mr Macron is heading to Mirzapur where he will inaugurate a 100 MW solar power project on Monday.

ISA, headquartered in Gurugram near New Delhi, is now a treaty-based intergovernmental organization that was established following the Paris Declaration as an alliance dedicated to the promotion of solar energy among its member countries.

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Prime Minister Modi said there is the need to ensure that better and affordable solar technology is available and accessible to everyone.

It a collaborative platform - a coalition of solar resource rich countries to address their special energy needs through a common and agreed approach. "We need a new global deal with the private sector, the worldwide public sector and civil society as well".

The declaration lays out areas of deeper cooperation between ISA and the Bank, including developing innovative financial instruments to reduce risks and costs associated with solar investments and to leverage climate financing and commercial co-financing and mobilizing concessional financing through the Sustainable Energy Fund for Africa (SEFA) and other Bank-hosted funds. Solar energy policy has to be to looked at in totality for development so that it can contribute to achievement of sustainable development goals, he explained. "I am happy to announce that to fill the gap of solar technology, India will start a solar technology mission with worldwide focus, which will cover all government technical and educational institutions", Prime Minister Narendra Modi said, announcing the unprecedented investment. France was committed to providing an additional €700 million in loans and support by 2022 to emerging economies for solar energy projects, he said.

The Alliance is a collaborative platform and a coalition of solar resource rich countries created to address their special energy needs through a common and agreed approach.

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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