A new fund has been set up to support renewable energy projects globally, with the
initial focus on increasing electricity access across sub-Saharan Africa.
The Multilateral Investment Guarantee Agency (MIGA), part of World Bank Group
Guarantees, and the International Solar Alliance (ISA)recently announced the establishment of MIGA-ISA Solar Facility, a multi-donor trust fund.
It was initiated by the government of India and will offer support for expanding renewable energy projects globally.
The facility will combine ISA’s technical expertise with MIGA’s capacity to mobilise financing, “creating an innovative mechanism to accelerate the global adoption of solar energy.”
It will offer concessional financing tools, including first-loss instruments and reinsurance capacity, to improve project bankability and lower the cost of MIGA guarantees.
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