The 6th Assembly of the International Solar Alliance in New Delhi sees an increase in Viability Gap Funding Cap for solar projects, furthering efforts to expand solar energy globally.
The Sixth Assembly of the International Solar Alliance (ISA) convened at Bharat Mandapam in New Delhi on October 31, 2023. Presided over by Shri R. K. Singh, the Union Minister for Power and New & Renewable Energy, Government of India, in his role as the President of the ISA Assembly, the event welcomed ministers from 20 countries and delegates from 116 Member and Signatory countries.
Addressing the Assembly, Shri Singh emphasized the ISA’s commitment to making solar the preferred energy source globally. He highlighted the potential of renewable energy to provide 65 percent of the world’s total electricity by 2030 and to decarbonize 90 percent of the power sector by 2050. He stressed the importance of fostering environments conducive to attracting investments and ensuring ample energy availability to meet global demands.
During a joint press conference with Ministers of member countries, Shri Singh announced that the ISA has increased the Viability Gap Funding (VGF) cap for projects from 10% to 35%. This funding is designed to support projects in developing countries, providing a grant of USD 150,000 or 10% of the project cost (whichever is lower), per country per project.
Four projects, assisted by ISA, were inaugurated at the Assembly, including the solarization of the Malawi Parliament and projects in Fiji, Seychelles, and Kiribati. These initiatives mark significant progress in advancing solar energy solutions in these regions.
Shri Singh emphasized the importance of capacity building initiatives, highlighting the establishment of training centers across Africa. He reiterated that ISA’s aim is to exhibit scalable solar technology applications and build the capacity of beneficiary member countries.
The ISA President stressed the organization’s role as a force for good, addressing the twin goals of energy transition and energy access. He discussed India’s successful practices and expressed confidence that, with the right framework, investments will flow into Africa, particularly in countries facing energy access challenges.
Shri Singh also underlined the need for developed countries to fulfill their COP21 commitments by providing green funds to support renewable energy projects.
The Assembly concluded with discussions on accelerating the build-up of solar energy, especially in developing countries, and the importance of capacity building and regulatory changes to achieve this goal.
The ISA Assembly serves as the apex decision-making body, assessing the implementation of the ISA’s Framework Agreement and coordinating actions to achieve its objectives. It focuses on critical issues such as energy access, energy security, and energy transition.
