The ISA (International Solar Alliance)  will soon be announcing a $100-million Global Solar Facility to mobilize an ambitious amount of  $1.5 billion, to scale up decentralized solar power in least-developed African countries where more than 700 million people still have no electricity.

This organization also working on an insurance mechanism to encourage investment in countries lacking funds. The two schemes are likely to be announced at the first-ever international solar festival, which will commence at the national capital Delhi on Thursday and Friday.

Director General Ajay Mathur underlined that our mandate is to nurture partnerships with businesses, educational institutions, the youth, women, and communities. This would unlock the full potential of solar energy, substantial investment in the sector, and a sustainable future.

The ISA will fast-track the solar transformation of the world through partners, facilitating finance, technological deployment, and capacity building among its member countries. This meeting now looks forward to accelerating the transformation across the globe with adequate, reliable, and sustainable solar energy by bringing together businesses, policymakers, and financial institutions.

It is a joint initiative by India and France to harness solar power to help overcome the issues associated with climate change.

General Ajay Mathur said, “The Global Solar Facility will start its work on decentralized solar systems in Africa.” The effect employs $100 million of guarantee to catalyze projects estimated at a value of up to $1.5 billion. So far, $39 million has been committed and hopefully rise to $50 million soon to operationalize the fund.

Mathur elaborates on the mechanism, which means we will have a holding company under ISA and then fix up with a local African fund agency to look after projects and finances. This agency will conduct the required study in Africa, and then the proposal will get sanctioned or rejected by the board of the holding company.

He also added, “ The investigation manager for Africa will be announced certainly in the festival. 

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