During a recent conference of the International Solar Alliance in Abu Dhabi, the Director-General of the agency made several encouraging announcements that indicate a concerted effort towards the target to facilitate the implementation of 1,000 gigawatts of solar power capacity across the world.
Upendra Tripathy announced that by April of this year the international body will have at least 100 solar power projects under its umbrella. During the conference on the sidelines of the World Future Energy Summit 2018 in Abu Dhabi, 10 companies signed Letters of Intent and Memoranda of Understanding for implementation of solar power projects. These include Vyonarc Development Ltd., Greenko Solar, Gensol Group and SOLARIG from Spain, Shakti Pump, Refex Energy, Amplus Solar, TATA Power, Jackson Solar, Hero Future Group, and Zodiac Energy.
A number of these companies are based in India and have substantial existing portfolios and intend to aggressively expand their installed capacity as India eyes 100 gigawatts of operational solar power capacity by March 2022.
The ISA is looking at partnerships and synergies between international agencies and the private sector to help mobilize $1 trillion to set up 1,000 gigawatts of solar power capacity across the world, with the intention of enhancing energy access and reducing the cost of production for solar power.
To enable project developers to venture into new markets where the cost of generation is still high, the ISA could implement innovative financial solutions. One of them could be bank guarantees for projects.
The Indian Minister for New & Renewable Energy also announced that his government will set up a $350 million solar development fund to finance projects under the ISA. Additionally, India’s Yes Bank also committed to mobilize $5 billion for solar power projects by 2030 and signed agreements with five developers. Power companies CLP and NTPC also committed $1 million each to ISA.
Partnership agreements signed with the International Energy Agency and Green Climate Fund were also major highlights of the event.