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International Solar Alliance Forum held at WFES in Abu Dhabi

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International Solar Alliance (ISA) hosted a two-day event, ‘International Solar Alliance Forum’ during 17-18th January, 2018 at the World Future Energy Summit (WFES) 2018 in Abu Dhabi, UAE. WFES is an annual event, dedicated to advancing future energy, clean technologies and energy efficiency. It is held under the patronage of Sheikh Mohammed Bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi.

Highlights of International Solar Alliance Forum:
On January 17, 2018, a Ministerial plenary of ISA Energy Ministers was held, which was attended by seven Energy Ministers of ISA Member countries.International Solar Alliance Forum held at WFES in Abu Dhabi

  • During the plenary session, the ministers presented their views on benefits of international collaboration to scale up solar energy for universal energy access and investing in Innovations, Technology and Research & Development for solar projects.
  • At this forum, India was represented by Raj Kumar Singh, Minister of State (IC) for Power and New & Renewable Energy.
  • Mr. Singh stated that India would achieve its target of 175 GW of installed Renewable Energy capacity well before 2020.
  • He also announced Indian Government’s plans to set up $ 350 million solar development fund for financing solar projects.
  • At the event, an ISA Pavilion was set up for dissemination of information about ISA and its activities and programmes.

About International Solar Alliance (ISA):

  • The International Solar Alliance is an alliance of countries which are located completely or partly between Tropic of Cancer and Tropic of Capricorn.
  • It was jointly launched by the Prime Minister of India Narendra Modi and the then President of France Francois Hollande in November 2015 in Paris, on the side lines of United Nations Climate Change Conference, COP 21.
  • Under the ISA, solar rich countries will collaborate to fulfil their objectives and needs pertaining to solar energy by emulating successful practices and setting up common mechanisms and instruments for harnessing solar energy on a huge scale.
  • On December 6, 2017, ISA Framework Agreement entered into force and ISA thus became a legal, treaty based International Intergovernmental Organization.
  • Headquarters of ISA is located in Gurugram, Haryana, India.

Yes Bank to mobilise USD 1 bn by 2023 for solar projects
At the end of the ISA Ministerial session, private sector lender YES Bank announced that it will mobilise USD 1 billion till 2023 and USD 5 billion till 2030 towards financing solar energy projects in India.

  • Yes Bank has already signed five solar energy co-financing Letters of Intent with Hero Future Energy, Tata Power Delhi Distribution, Greenko Group, Jakson Group and Amplus Solar.
  • All these projects are expected to be completed by 2023.

Quick Facts about Yes Bank:
♦ Founded in – 2004
♦ Headquarters – Mumbai, India
♦ Current CEO – Rana Kapoor
♦ Tag Line – ‘Experience our Expertise’