AfDB signs deal to scale up solar energy development


The declaration lays out areas of deeper cooperation between ISA and the Bank, including developing innovative financial instruments to reduce risks and costs associated with solar investments and to leverage climate financing and commercial co-financing and mobilizing concessional financing through the Sustainable Energy Fund for Africa (SEFA) and other Bank-hosted funds.

According to the joint statement issued by France and India, the two countries have reaffirmed their commitment to lead the fight against climate change and the push for massive deployment of solar energy.

"We appreciate the ISA's goal of expanding access to cost-effective solar power and look forward to the economic and social benefits this approach will bring to the developing world", the spokesperson said in response to a question.

New York State Governor Andrew Cuomo announced approval last week for 26 large-scale renewable energy projects, including 22 solar projects worth 647 megawatts (MW) and 733.58 MW worth of wind energy.

New York Governor Andrew Cuomo recently announced $1.4 billion in funding for 26 large-scale renewable energy projects across the state, the single largest commitment to renewable energy by a state in USA history.

"This is an historic moment for NY as we make the largest purchasing commitment to renewable energy by a state in the history of our country", said Alicia Barton, NYSERDA President and CEO. He said the member countries of the ISA would ensure distribution of finance and expertise.

Prime Minister Narendra Modi has set a target of raising India's solar power generation to 100 gigawatt (GW) by 2022, five times current levels.

The new worldwide organization aims to accelerate the deployment of solar energy in 121 sun-rich countries situated between the Tropics of Cancer and Capricorn.

Emerging economies will get the assistance in the form of loans and donations, over and above the 300 million euros ($369m) France had already committed in 2015, AFP reported.

Modi also proposed a 10-point action plan to make affordable solar energy technology available to all nations.

Speaking alongside Indian Prime Minister Modi, French President Macron in his address said while the world has taken great strides in understanding the importance of solar energy, much needs to be done.

India is now home to one of the world's largest renewable energy programs.

As part of the new agreement, ISA will support the African Development Bank's Desert to Power solar initiative -through which the Bank intends to turn Africa's deserts into new sources of energy.