International Solar Alliance (ISA) is preparing a detailed project report (DPR) on the creation of World Solar Bank with authorised capital of USD 15 billion to fund projects, a senior official said.
The DPR for the World Solar Bank is likely to be placed at annual ISA Assembly in October this year, Director General ISA Upendra Tripathy told PTI.
This assumes significance in view of India’s ambitious target of having 100GW of solar energy by 2022. India’s installed solar power generation capacity stood at over 35 GW by July this year, according to the Central Electricity Authority data.
Besides there is need for huge funding for solar projects across the world for increasing share of renewable sources in the overall energy mix.
The ISA is an alliance of 121 countries to create a global market system to tap the benefits of solar power and promote clean energy applications.
He also said that the authorised capital of bank would be of the size of USD 15 billion within next five years for funding various solar projects on large scale like the World Bank does.
Earlier in the day during a curtain raiser virtual press conference of the First World Solar Technology Summit scheduled on September 8, 2020, Tripathy informed that the ISA is working on DPR of the World Solar Bank which would be placed in the ISA Assembly for its guidance.
A special finance vehicle is needed for funding solar projects, he stated.
The ISA has planned to showcase next generation technologies at the First World Solar Technology Summit next month.
Prime Minister Narendra Modi will deliver the inaugural address at the summit which would be attended by ministers of all ISA member countries and global institutions.
Talking about the innovation in solar energy, Tripathy said, “Further, mutual cooperation among the member countries has been the pillar of the solar PV revolution. ISA must fulfil the dream of lighting every home no matter how far away by bringing the innovative and affordable technologies to forefront. World Solar Technology Summit is a stepping stone in that direction.”
On this occasion, President of the ISA Assembly and Union Power and New & Renewable Energy Minister R K Singh stated there are two objectives of the ISA—health of the planet and equity (improving access to energy across the planet.
He was of the view that the submit would be for the sustainable future of world.
Earlier responding to the question on any plan about banning Chinese firms from participating in the global auction for solar home systems for ISA member nations, Tripathy said that the ISA would follow the UN Charter on that.
State-run firm EESL has been entrusted by the ISA to do this exercise for a potential order of 47 million home power systems worth about USD 28 billion. This is basically a price discovery tender.