International Solar Alliance - Funding

Last Modified: Sun Sep 30 2018 04:44:43 GMT+0530 (India Standard Time)
  • 30 Nov 2015
    International Solar Alliance (ISA) is launched through adoption of the Paris Declaration on the sidelines of CoP21. The objective of the alliance is to facilitate and accelerate the large-scale deployment of solar energy in member countries in order to meet soaring energy demand and help fight climate change.
  • 1,000 GW
    Capacity of solar energy that the alliance aims to install by 2030.
  • $1,000 billion
    Investment that ISA aims to bring into the solar energy sector by 2030 according to Upendra Tripathy, director general, International Solar Alliance.
  • Rs. 175 crore
    contributed by Government of India for ISA corpus fund and also for meeting expenditure for initial five years. It has also dedicated 5 acre land in NISE campus for the ISA Headquarters.
  • $1 million
    each, contribution to the ISA corpus fund announced by the Indian Renewable Energy Development Agency (IREDA and Solar Energy Corporation of India (SECI).
  • €300 million
    will be allocated by the French Development Agency over the next five years to finance the initial projects.
  • $2 billion
    Credit set aside for projects in Africa.
  • $300 billion
    Risk mitigation fund that the alliance plans to establish as part of a strategy to create a sustainable financing architecture for solar projects globally. The fund will be used to insure solar power projects against risks such as default in payment from electricity procurers, foreign exchange fluctuation and regime change. This, in turn, will help attract investors to the space.
  • 30 Jun 2016
    Joint declaration signed between World Bank and ISA that will help in mobilizing the $1,000 billion funding requirement by 2030.
  • 03 Nov 2017
    ISA and the European Bank for Reconstruction and Development (EBRD) signed Joint partnership Declaration. The two will work as financial partners for promotion of Solar Energy.
  • €700 Million
    Additional commitment announced by President Emmanuel Macron at the founding conference of the organization in Mar 2018, reiterating the European country’s commitment to the alliance and clean energy. The total commitment now stands at over € 1 billion.
  • €200 million
    Credit line that will be extended to the ISA by the European Investment Bank (EIB). The funding will support the expansion of solar energy both in India, and other regions, where solar power is one of the most abundant renewable energy sources, but where technologies, funding and/or expertise are often lacking.
  • 15 Mar 2018
    The Green Climate Fund signs a joint declaration with the International Solar Alliance to strengthen collaboration for renewable energy, and to promote solar energy solutions as part of the steps needed to reach the ambition of the Paris Agreement.