PM Modi calls for concessional, less-risky financing for solar projects

Faith Castro
March 12, 2018

Heads of the states of as many as 23 nations including France, Australia and Sri Lanka will attend the first International Solar Alliance Summit on March 11 here.

These countries have "the paradox of being the sunniest in the world while enjoying the least solar energy", said Segolene Royal, a former French minister in India as a special envoy for the alliance.

Ahead of Sunday's conference, the European Investment Bank announced it was providing €1 billion as support for the International Solar Alliance.

Macron talks to President Trump during a welcome ceremony in Paris in 2017.

'We all have obligations to protect a world that must be shared, ' said Macron during his speech in the First Summit of the International Solar Alliance (ISA).

The energy-hungry giant of 1.25bn people is banking on solar to electrify homes for hundreds of millions of its poorest citizens without adding to its considerable emissions output. "If you want all of humanity to benefit, then I am confident that we all will come together and think like one family, so that we are able to bring unity and solidarity in our objectives and efforts".

The summit will center around different parts of advancing sun-powered vitality, for example, credit instrument, swarm financing and sharing of innovative achievements, in 121 nations related with ISA.

Leaders from the member countries, who welcomed the location of the ISA Secretariat in India, recognized combating climate change as a common priority for humankind. "There is a joint destiny which means we also have some joint duties", President Macron said.

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Indian Prime Minister Narendra Modi called for a unified effort for promoting solar energy and said the Alliance would help to achieve greater global energy security.

The joint declaration affirms the commitment of the Irena and ISA to collaborate on advancing solar deployment and projects through helping countries develop policies and regulations around solar energy and through the implementation of Irena initiatives such as the Clean Energy Corridors and the SIDS Lighthouses. They did not wait and stop because some countries (US and others) just made a decision to leave the floor and leave the Paris agreement.

Speaking on the occasion, Macron said United States dollars 1 trillion will be needed to achieve one terawatt (TW) of solar power capacity by 2030.

It said that the selection of consultancy firms for undertaking activities such as project identification, project formulation, pre-feasibility study etc. under the PPF will be done from among the list of consultancy firms empanelled by Exim Bank of India.

"But in order to reach $1,000 by 2030, to reach 1,000 GW solar energy, we need private investors".

He lauded India's solar commitments that has 20 GW installed solar capacity - one of the fastest growing in the world.

India and France also signed a technical agreement Saturday on the French-assisted nuclear power project at Jaitapur in western Maharashtra state. The solar projects pertain to energy for infrastructure such as health centres, high schools, hand-pump boreholes, power plants, street-lighting projects and drinking water-supply located in countries such as Benin, Burkina Faso, Chad, Congo, Ghana, Mali, Guinea, Niger, Nigeria, Seychelles and Rwanda A total of 32 countries have both signed and ratified the agreement while another 30 have just signed but not ratified it as yet.

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