Solar Facility ( Solar Payment Guarantee Fund and Solar Insurance Fund ) of The International Solar Alliance

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 The ISA Assembly approved the Solar Facility, a payment guarantee mechanism which is expected to stimulate investments into solar through two financial components: Solar Payment Guarantee Fund and Solar Insurance Fund. The Solar Facility is expected to stimulate high potential solar technologies, by attracting private capital to flow into underserved markets in Africa, while ensuring a payment and insurance mechanism as a first loss guarantee. The ISA will soon operationalize Solar Facility to crowdsource investments from various donors across the globe and proposed projects in Africa will be able to purchase payment guarantees or partial insurance premium from these funds.

Highlights of 5th Assembly of The International Solar Alliance:

1. India and France re-elected President and Co-President of the ISA Assembly for a period of two years and 8 new Vice-President countries were announced. 

2. ISA Assembly approved the Solar Facility, a payment guarantee mechanism to mitigate risks associated with solar projects in Africa. 

3. ISA Assembly approved SolarX Grand Challenge to promote entrepreneurship and innovation in solar.

ABOUT THE INTERNATIONAL SOLAR ALLIANCE: The International Solar Alliance is an international organisation with 110 Member and Signatory countries. It works with governments to improve energy access and security worldwide and promote solar power as a sustainable way to transition to a carbon-neutral future. ISA’s mission is to unlock US$ 1 trillion of investments in solar by 2030 while reducing the cost of the technology and its financing. It promotes the use of solar energy in the Agriculture, Health, Transport and Power Generation sectors. ISA member countries are driving change by enacting policies and regulations, sharing best practices, agreeing on common standards, and mobilising investments. Through this work, ISA has identified and designed and tested new business models for solar projects; supported governments to make their energy legislation and policies solar-friendly through Ease of Doing Solar analytics and advisory; pooled demand for solar technology from different countries; and drove down costs; improved access to finance by reducing the risks and making the sector more attractive to private investment; increased access to solar training, data and insights for solar engineers and energy policymakers. With the signing and ratification of the ISA Framework Agreement by 15 countries on 6 December 2017, ISA became the first international intergovernmental organisation to be headquartered in India. ISA is partnering with multilateral development banks (MDBs), development financial institutions (DFIs), private and public sector organisations, civil society, and other international institutions to deploy cost-effective and transformational solutions through solar energy, especially in the least Developed Countries (LDCs) and the Small Island Developing States (SIDS).

https://pib.gov.in/PressReleasePage.aspx?PRID=1868849

https://isolaralliance.org/uploads/docs/fcfc23eed0e1743f97e62d8056c5d4.pdf

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