AfDB signs deal to scale up solar energy development

Adjust Comment Print

The founding conference of ISA is being co-chaired by Indian prime minister Narendra Modi and French president Emmanuel Macron in New Delhi, with delegates including heads of state and government, ministers, chief executives of worldwide organisations and other high-level officials.

23 countries have taken part in an ISA consultation on their priorities in the fields of solar energy for agriculture and rural areas, solar mini-grids, rooftop installations and e-mobility.

Progress is clearly happening quickly: During 2017 alone, India doubled its installed solar capacity from 10 GW to 20 GW. "Today, for combating climate change, we need to look at this ancient idea to find a way".

In a press statement, Cuomo pledged to provide a USD-1.4-billion (EUR 1.1bn) investment package for the implementation of 22 utility-scale solar schemes with a combined capacity of 646 MW, three wind projects of 733.6 MW in total, one of them with storage capacity, and one hydropower plant (HPP) project of 3.23 MW.

New York Governor Andrew Cuomo recently announced $1.4 billion in funding for 26 large-scale renewable energy projects across the state, the single largest commitment to renewable energy by a state in USA history.

The alliance, an effort to advance the 2015 Paris climate agreement, aims to become a network of 121 countries, he said. The facility, which should be fully operational in fall 2020, is expected to generate enough power to meet the needs of more than 11,000 households per year.

Project financing previous year rose to about Dollars 6.4 billion on the back of 9.6 GW of solar installations compared to USD 3.5 billion investment in the category in 2016, it said.

Thirty-two (32) of the ISA's 60-member countries are from Africa. Sixty countries have signed the agreement to join the alliance.

To produce a unit of solar power now costs 2.5 rupees - a cost similar to that of more traditional energy sources, said Kanika Chawla, the senior programme lead at the Delhi-based Council on Energy, Environment and Water, a partner organisation of the ISA. Most of the debt activity among Indian solar companies came in the form of new bonds.

Also there, were solar manufacturers, developers, financial institutions, innovators NGOs.

All of these issues have contributed to a slowdown in the pace at which solar projects are being commissioned in India, she said. The organization is committed to promoting the use of solar energy throughout the world.

"Our solar mamas did not wait for us", he said, referring to a group of women solar engineers.

Comments