A mechanism for reducing the risks associated with financing of solar powerprojects and make them viable under the aegis of the International Solar Alliance(ISA) is set to be rolled out in a year, the Ministry of New and Renewable Energy (MNRE) said today.
With 19 countries having already ratified its framework agreement, the ISA is set to become a treaty-based global inter-governmental organization on Wednesday. ISA has been developing a Common Risk Mitigating Mechanism (CRMM) for de-risking and reducing financial cost of solar projects in the ISA member countries.
The Paris Declaration establishing ISA states the countries share the collective ambition to undertake innovative and concerted efforts for reducing cost of finance and technology for immediate deployment of solar generation assets. “This will help pave the way for future solar generation, storage and technologies for each prospective member country’ individual needs, by effectively mobilizing over $ 1,000 billion in investments that will be required by 2030,” MNRE said in a statement. Read More…
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