Particle.news
Download on the App Store
3 ARTICLES
·
last yr.

International Solar Alliance Pledges $35 Million for African Solar Projects in Renewable Energy Push

India's government and International Solar Alliance contribute $25M and $10M respectively to assist Africa in leveraging its solar power potential, as part of a broader goal to raise $100M for global solar projects.

Overview

  • The International Solar Alliance (ISA), led by India, has pledged nearly $35 million for solar projects in Africa, focusing on mini grids and rooftop installations.
  • The Indian government plans to invest $25 million, and the remaining $10 million will be contributed by the ISA, aiming to boost the construction of smaller solar power infrastructure across Africa.
  • The ISA's funding is part of the larger Global Solar Facility's goal to raise $100 million for solar projects around the globe.
  • The alliance's main objective is to connect the 733 million people worldwide currently without electricity, with investments eventually flowing into Africa due to its untapped solar power potential.
  • Despite global investment in solar energy surpassing $300 billion in 2022, only 15% of this went to developing countries, as per an ISA report. Investments in Sub-Saharan Africa's clean energy sector have reportedly dropped 44% between 2015 and 2021.