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Solar Alliance approves funding mechanism

  • Category
    International Relations
  • Published
    21st Oct, 2022

Context

In the direction to bolster investments in solar power projects, the International Solar Alliance (ISA) has approved ‘Solar Facility’, a payment guarantee mechanism.

About

The mission

About International Solar Alliance (ISA):

  • The International Solar Alliance (ISA) is an action-oriented, member-driven, collaborative platform for the increased deployment of solar energy technologies.
  • Its basic motive is to facilitate energy access, ensure energy security, and drive energy transition in its member countries.
  • ISA’s mission is to unlock US$ 1 trillion (?80 lakh crore) of investments in solar power by 2030 while reducing the cost of the technology and its financing.
  • It is going to stimulate investments into solar projects through two financial components:
  • Solar Payment Guarantee Fund:
    • The payment guarantee fund will only provide a partial guarantee.
    • The guarantee fund would enable investments in geographies that do not receive investments.
  • Solar Insurance Fund:
    • It will reduce the burden of insurance premiums for solar developers in the pre-revenue phase of the project.
    • It will offset the cost of insurance for a specified period.
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