$35mn Boost for ISA Global Solar Facility
- The International Solar Alliance (ISA) and partners announce a $35 million capital contribution to the Global Solar Facility (GSF), designed to stimulate solar investments in underserved regions. India and Bloomberg Philanthropies to invest $25 and $10 million respectively. GSF anticipates $10 billion investments to benefit 200 million by 2030.
The International Solar Alliance (ISA) announced today that the Global Solar Facility (GSF), a payment guarantee fund designed to stimulate solar investments in underserved segments and geographies, would receive a capital contribution of $35 million dollars. India is considering a $25 million investment in addition to $10 million from ISA, while Bloomberg Philanthropies and CIFF have also committed their support.
Union Minister of Power and ISA President R K Singh said the GSF aims to leverage investments to accelerate the transition to solar energy while Director General of the ISA, Ajay Mathur, added that the facility is designed to provide investors with the confidence to take up projects in Africa. The GSF expects to raise 100 million USD and aims to enable $10 billion in investments that will benefit about 200 million people in the region by 2030.
How Much is India Investing in GSF?
- The Global Solar Facility (GSF) is receiving a total of $35 million in capital contributions.
- India is investing $25 million in GSF, in addition to the $10 million from ISA.
- Bloomberg Philanthropies and CIFF are also contributing to GSF.
- GSF will leverage investments to accelerate the transition to solar energy.
- GSF expects to raise 100 million to enable $10 billion in investments.
- GSF's investments are estimated to benefit 200 million people in the region by 2030.