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Ecology & Environment
Mahesh

22/10/22 19:31 PM IST

International Solar Alliance to operationalise ‘Solar Facility’ for crowdsourcing investments

In News 
  • The Fifth Assembly Meeting of the International Solar Alliance (ISA) recently approved ’Solar Facility’ — a payment guarantee mechanism.
About the mechanism 
  • Solar Facility is a payment guarantee mechanism under the ISA framework.
  • This initiative was launched to attract investments into the solar energy sector, in line with the ISA goal of unlocking $1 trillion in solar energy investments by 2030. It is also to reduce the cost of financing and technology.
  • The Solar Facility has 2 components – Solar Payment Guarantee Fund and Solar Insurance Fund
  • This facility will crowd-source investments from various private donors from across the world. Under-served solar power projects in Africa will then purchase payment guarantees and partial insurance premiums from this fund.
About ISA meeting 
  • The Assembly is the top decision-making body of the ISA.
  • It convenes annually at the ministerial level to take key decisions towards the implementation of the Alliance’s framework.
  •  The 1st ISA Assembly Meeting was organized in 2018 in Greater Noida.
  • The Delhi Solar Agenda was adopted at this meeting. The 5th Assembly of the ISA was held at New Delhi.
  • 109 countries attended this 4-day event. 
  • India was re-elected as the ISA President and France as the Co-President for the next 2 years. 
Source- The Hindu 

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