Yesterday, pv magazine reported on the new ratifications from four ISA member countries, and today India’s Ministry of New and Renewable Energy (MNRE), has released further details of ISA’s activities. The ISA released details regarding the programs it has launched and is planning to implement once the body comes into legality on December 6.
Specifically, the ISA informed has already launched three programs: Scaling Solar Applications for Agriculture Use, Affordable Finance at Scale, and Scaling Solar Mini–grids. These programs will help towards achieving the alliance’s overall goal of increasing solar energy deployment in ISA member countries.
In addition, the ISA is planning two further programs: a rooftop solar program for scaling up residential installations across member countries, and Scaling Solar E-mobility and Storage. The alliance has also introduced a Common Risk Mitigation Mechanism (CRMM) feasibility study to mitigate financial risks in global solar markets. This instrument will help diversify and pool risks on mutual public resources and unlock significant investments. An international expert group has been working on the blueprint of the mechanism, and it will be rolled out by December 2018.
India has offered to meet ISA Secretariat expenses for an initial five years. In addition, the Ministry of External Affairs, Government of India, has set aside $2 billion for solar projects in Africa out of the Government of India’s $10 billion concessional Line of Credit (LOC) for Africa. The Government of France has also earmarked a €300 million soft loan for solar-related projects in ISA member countries.