India hosts the 6th Session of the International Solar Alliance (ISA) Assembly in New Delhi
ISA Assembly is the apex decision-making body of ISA, in which each Member Country is represented.
It makes decisions concerning the implementation of ISA’s Framework Agreement and coordinated actions to be taken to achieve its objective.
It meets annually at the ministerial level.
Key Highlights of the 6th Assembly of ISA:
Increase in the Viability Gap Funding (VGF) Cap for solar projects from 10% up to 35% of the project cost.
♦ ISA programme for VGF provides funding for projects in developing countries.
ISA announced that Global Solar Facility (GSF) is set to receive a capital contribution of $35 million dollars.
♦ In 2022, the ISA Assembly approved the Global Solar Facility, which is expected to attract private capital to flow into off-grid solar projects, rooftop solar projects, and productive use solar projects.
♦ GSF will provide:
» Payment guarantee fund;
» Insurance fund to mitigate project risks;
» Investment fund for Technical Assistance.
♦ GSF is designed to catalyze solar investments in underserved segments and geographies across Africa.
♦ After Africa, GSF aims to expand to regions such as Asia, Latin America and the Middle East.
About International Solar Alliance (ISA)
- Headquarter: Gurugram,India
- About: A treaty-based international intergovernmental organization.
- Genesis:Conceived as a joint effort by India and France. Conceptualized on side-lines of the Conference of Parties to UNFCCC held in Paris in 2015.
- Membership: 94 countries have signed and ratified (including India).
- Mandate: Strives to develop and deploy cost-effective and transformational energy solutions powered by Sun.
- Major initiatives: ♦ Solar Technology Application Resource Centre [STAR C] Initiative
♦ One Sun One World One Grid initiative
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