ISA can help Indian firms build solar projects in Africa: RK Singh
ISA can help Indian firms build solar projects in Africa: RK Singh
Indian companies can use their experience of setting up off-grid solar power plants in the country to emulate the same in Africa through the International Solar Alliance (ISA), power minister RK Singh said.
Indian companies can use their experience of setting up off-grid solar power plants in the country to emulate the same in Africa through the International Solar Alliance (ISA), power minister RK Singh said.
Speaking to FE about the first assembly of the ISA to be held from October 2 to 5, he said: “Many government representatives from Africa have expressed their interest in partnering with us to use solar technology for larger energy access.” The minister added that to enthuse companies to participate in Africa, the World Bank has mobilised $1 billion on a common risk-mitigation mechanism for solar projects through ISA.
Indian companies are currently working to implement the government’s plan of commissioning at least 10,000 renewable energy-based micro- and mini-grid projects with a total capacity of 500 MW by 2022. Growing at a CAGR of 17%, the global micro-grid market is expected to be worth $17.5 billion by 2025, research firms have pointed out. Villages in far-flung areas for which the costs of a grid-connected network are prohibitive, are setting up microgrids to meet their power needs in India. Similar situations exist in Africa and the Indian model can be replicated there, Singh said.
Three major events on renewable energy are coming up in the first week of October in the national capital: The first assembly of the International Solar Alliance, the second Indian Ocean Rim Association (IORA) renewable energy ministerial meeting, and the second global Renewable Energy Investment Meeting and Expo (REINVEST-2018). The three events will be inaugurated in a common function by Prime Minister Narendra Modi, in the presence of United Nations Secretary-General Antonio Guterres on October 2.
The ISA was launched jointly by Modi and Francois Hollande, then president of France, on November 30, 2015 in Paris, on the sidelines of the 21st Conference of Parties (CoP 21) to the United Nations Framework Convention on Climate Change.
“More than half of the 121 prospective member countries are already with us on ISA,” the minister said. Indian companies have already committed $7 million to ISA. Additionally Coal India and Power Finance Corporation are also expected to fund $1 million each in the organisation, while the India Trade Promotion Organisation would commit $2 million.
Source: financialexpress
