The International Solar Alliance (ISA) revealed at The World Future Energy Summit (WFES), in Dubai at the beginning of 2018, that it has signed letters of intent which will see the organisation commit to USD $5 billion worth of financing. The financing will be used in the development of nine solar projects across five countries, which include Nigeria, UAE, Saudi Arabia, India and Spain.
The ISA signed the financing commitment with Yes Bank, India’s fifth largest private sector bank and leader in renewable energy financing.
The deal also included eight companies, Vyonarc Development, Waree Engineers, Gensol Group, Solarig, Shakti Pump, Refex Energy, Amplus Solar and Zodiac Energy, who will aid in the various projects.
“The best way to get going is to get projects on the ground. That is what we call action to transaction, and that is what ISA is all about,” said Upendra Tripathy, interim director general of International Solar Alliance, a treaty-based international organisation based in India.
“Solar energy will play a central role in the new age of energy. Solar is the fastest growing energy source,” added Adnan Z Amin, director general of the International Renewable Energy Agency (IRENA), who addressed the forum at WFES.