New Delhi: The International Solar Alliance (ISA) is set to launch a $100 million fund, named the Global Solar Facility, aimed at catalysingupto $1.5 billion in funding to expand decentralised solar power capacities across the least developed countries in Africa.
The announcement is expected to be made at ISA’s first international solar festival, scheduled to be held on 5-6 September in the national capital. The event will focus on catalysing global solar adoption by forging partnerships, unlocking innovative financing, deploying cutting-edge technology, and boosting capacity in ISA member countries.
The ISA is also developing an insurance mechanism aimed at accelerating funding for solar projects in poor countries. This mechanism is expected to be applied first in the Nuru project in Congo, where ISA is currently in discussions with the Multilateral Investment Guarantee Agency (MIGA) of the World Bank.“On the same basis, we are getting into an agreement with the World Bank and MIGA to make this into a larger facility,”Mathur said.
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