Global Solar Facility (GSF)

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A Global Solar Facility (GSF) is needed for both ‘quality’ (deepen the reach to low-income countries) and ‘quantity’ (multiply the global investments) of solar investments. Development of solar energy over the past decade has eliminated technology risk for solar energy. It has also achieved grid parity which is critical to provide affordable power. Solar industry is now capable of producing power at GW scale. This Global Solar Facility (GSF) aims to help alleviate the remaining constraints of contractual and financial uncertainty for solar energy. 

The solar facility will 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 as approved by the Fifth Session of the ISA Assembly. The Solar Facility would be operationalised to crowd in investments from various donors across the globe. The solar facility will consist of three funds (the payment guarantee fund, the insurance fund and the investment fund). Projects proposed in Africa could purchase payment guarantees or partial insurance premia from these funds. Annexures I to IV, approved by the Fifth Session of the ISA Assembly, provides the details of the facility. 

The GSF will provide: 

  1. Payment guarantee fundguarantee mechanisms to ensure payment guarantees; 
  2. Insurance fund- provide mechanisms to mitigate project risks; and 
  3. Investment fund- allow Technical Assistance for addressing gaps in the regulatory framework. 

It could also help in catalysing project development and reducing currency risks – all aimed at the following objectives: 

  1. Provide clean and reliable source of energy to all people across the globe who today do not have access to electricity. Thereby ensuring Green Growth for the world 
  2. Enable deeper innovation and capacity building for solar power development 
  3. Open up solar markets across the world 
  4. Accelerate transition to net zero, by helping catalyse part of the USD12.5 trillion needed for solar installations globally

International Solar Alliance

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