The International Solar Alliance (ISA) and the Ministry of External Affairs (MEA), signed today the Host Country Agreement. The Agreement will give ISA a ‘juridical personality’, which gives it power to contract, acquire and dispose off movable and immovable properties, to institute and defend legal proceedings.
Under this agreement the ISA shall enjoy such privileges, applicable tax concessions and immunities as are necessary for ISA’s Headquarter to independently discharge its function and programs. The ISA shall be deriving its status, privileges and immunities as per Article 10 of framework agreement.
The agreement was signed by General V K Singh, Minister of State, MEA and Upendra Tripathy, Interim Director General, ISA in the presence of R K Singh, Union Minister of State Power (MoP) and New & Renewable Energy (MNRE).
Congratulating the signatories, R K Singh said that the ISA has the potential to change the developmental paradigm of the world. He said that energy will now be available to less developed tropical countries at affordable rates and in an easily deployable manner.
He also mentioned that many countries have shown an interest to learn from India’s experience in renewable energy. He emphasized the need for the solar industry to set up infrastructure in these countries and talked about carrying out all necessary de-risking in this regard.
At the occasion, V K Singh said that the ISA has a formidable task at hand to mobilize over $1 trillion of investment into the solar sector, deploying more than 1,000 GW of solar capacity in the process. He also stated that the ISA needs to firm up financial partnership deals with more multilateral and bilateral donor agencies in order to meet its stated objectives.
Tripathy called the signing of the Host Country Agreement an important milestone and thanked the government of India for its wholehearted support.