International Solar Alliance (ISA) Framework Agreement entered into force on December 6, 2017, thereby making ISA a de jure treaty based international inter-governmental organisation. So far 19 countries have ratified and 48 countries have signed the ISA Framework Agreement.
In one of its first outreach programmes post-ratification, the ISA hosted a two-day event ‘International Solar Alliance Forum’ during January 17-18, 2018 at the Future World Energy Summit (WFES) 2018. WFES is a signature event of a global initiative, Abu Dhabi Sustainability Week, hosted by Masdar scheduled during January 15-18, 2018 at Abu Dhabi (UAE). During the ISA event an ISA Pavilion was also set up for dissemination of information about ISA and its activities and programmes.
On the first day of the ISA Forum on January 17 the Ministerial Plenary of ISA Energy Ministers was held. On the occasion, Raj Kumar Singh, Minister of State (IC) for Power and New & Renewable Energy, Government of India congratulated ISA for organising the ISA Forum as its first overseas outreach activity. He stated that over the years the Renewable Energy has become cheaper and is set to replace conventional energy, which is a healthy development, and added that India has one of the fastest growing Renewable Energy programmes in the World and the country would achieve its target of 175 GW of installed Renewable Energy capacity well before 2020.
The minister said that that ISA shall help mobilize sufficient funds for solar energy projects. He announced setting up of a $ 350 million solar development fund by the Government of India for solar projects financing.
Upendra Tripathy, Interim Director General of ISA informed about exchange of LoIs / MoUs of nine solar related projects which various company and bankers signed early in the day. He further stated that ISA shall stand for translating ‘Action into Transaction’. He also informed that over 100 projects shall be signed by April 2018 under ISA umbrella.
At the end of the ISA Ministerial session, the YES Bank committed financing solar projects of over $5 billion. CLP and NTPC Limited announced forging partnership deal with ISA and committed to make voluntary contribution of $1 million each to ISA fund corpus. IEA and GCF also announced entering into partnership with ISA.
Being an action-oriented organisation, ISA promotes actual on ground rolling out of solar projects. Therefore, during first half of the day nine companies exchanged LoIs/MoUs for solar related projects in the ISA Pavilion. The companies are: Vyonarc Development Ltd., Greenko Solar, Gensol Group and SOLARIG from Spain, Shakti Pump, Refex Energy, Amplus Solar, TATA Power, Jackson Solar and Zodiac Energy.