Connect with us

Hi, what are you looking for?

CleanTechnica

Green Economy

International Solar Alliance Plans To Raise $1 Trillion

An India-led global coalition of nations with substantial solar energy resources has announced grand plans to raise financial resources to expedite development in the solar power sector.

A high-ranking official of the Indian Ministry of New & Renewable Energy (MNRE) recently stated that the International Solar Alliance (ISA) aims to raise as much as $1 trillion. The funds will be used for exercises of capacity building, developing new and innovative policies, and setting up financial mechanisms to set up projects and for research and development.

The idea of the International Solar Alliance was first floated by the Indian Government to enhance cooperation among nations with significant solar power resources. The current membership of the ISA is said to be over 120 countries, mostly those located between the Tropics of Cancer and Capricorn. However, countries lying outside these latitudes are also welcome to join, the MNRE official clarified.

The first international steering committee meeting was held 18 January in Abu Dhabi.

The Alliance will look to international development banks and financial institutions like the World Bank, Asian Development Bank, and KfW. Private sector companies will also be tapped for rating capital. Fortum Energy, a Finland-based solar power project developer, has already expressed interest in contributing.

Fortum Energy recently placed a new record-low tariff bid for solar PV project in the state of Rajasthan.

The interim Secretariat of the ISA was recently inaugurated in India by Indian Prime Minister Narendra Modi and French President Francois Hollande. President Hollande also made a commitment of €300 million on behalf of the French Development Agency for the ISA.

India, itself, has one of the most ambitious solar power targets in the world. The country plans to have an operational solar power capacity of 100 GW by March 2022. The current installed capacity is just over 5 GW. The solar power target is the mainstay of India’s commitment to reduce greenhouse gas emissions submitted to the United Nations last year.

 
Appreciate CleanTechnica’s originality and cleantech news coverage? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.
 

Don't want to miss a cleantech story? Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!
 

Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.
Advertisement
 
Written By

An avid follower of latest developments in the Indian renewable energy sector.

Comments

You May Also Like

Cars

The Tata Tiago EV is an inexpensive 5-door electric hatchback designed specifically for driving conditions in India.

Clean Power

Privately owned renewable energy generation company AMP Energy has announced plans to set up a vertically integrated solar modules manufacturing facility.  According to media...

Clean Power

Welcome to another issue of our India x Cleantech series! On a monthly basis, we are pulling news from across clean technology sectors in...

Clean Transport

Double-decker buses are cool. Maybe it’s that they hold a lot of people, or maybe the inner child in all of us just thinks...

Copyright © 2021 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.