Finance

Solar Alliance to Launch $100mln Fund for Africa

Solar Alliance to Launch $100mln Fund for Africa
Thursday, 05 September 2024 18:10

The International Solar Alliance (ISA) plans to launch a $100 million guarantee fund to boost solar energy solutions in Africa. According to The Economic Times, the fund aims to mobilize up to $1.5 billion in financing to speed up the deployment of decentralized solar systems in African countries with high solar potential.

Ajay Mathur, the ISA’s Director-General, said “We are looking at a guarantee fund of $100 million, which would hopefully lead to 15 times that funding. So, projects of about $1.5 billion could occur”. The official announcement is expected during the International Solar Festival, scheduled for September 5-6, 2024, in New Delhi, India.

ISA, an intergovernmental organization based in New Delhi, was launched by India and France during the 21st UN Climate Change Conference (COP21). The initiative seeks to significantly increase solar power generation across 121 countries located entirely or partly between the Tropic of Cancer and the Tropic of Capricorn. Most of these countries are developing nations with immense solar energy potential.

On the same topic
Ci Gaba VC Limited secures $34.9 million in its first close, targeting a final $90 million (1 billion GHS). The fund-of-funds invests in...
Cameroon, Congo, and Gabon seek new IMF programs after previous ones expired Regional bloc commits to sustaining reforms and rebuilding...
Program has supported about 50 women-led businesses since 2023 Nearly CFA7 billion mobilized combining financing and technical support New cohort of...
Proparco and RMBV take minority stake through $91 million capital increase Funds to support industrial expansion and West Africa growth Group...
Most Read
01

Firms move beyond payments toward integrated SME platforms Services include invoicing, inve...

African fintechs are moving beyond payments - and into business operations
02

The BCEAO now allows UEMOA citizens abroad to open CFA franc accounts under the same conditions as...

West Africa Targets Diaspora Funds With New Banking Access Rules
03

UBA UK, BII sign intent to expand trade finance in Africa Partnership targets funding gaps for in...

UBA, British International Investment explore Africa trade finance deal
04

Ghana to submit UN resolution on slave trade March 25 Draft seeks recognition as gravest crime ag...

Ghana pushes UN recognition of slave trade as crime against humanity
05

ECOWAS, Energy China discuss regional power infrastructure cooperation Talks cover $36.3...

ECOWAS, China Discuss Cooperation on West Africa Power Projects Under $36.39B Plan
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.