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India commits $1.4bn to support solar projects in 15 countries

CTBR Staff Writer Published 12 March 2018

India has announced that it would offer 1.4bn funding to 27 solar power projects in 15 countries at the Founding Conference of the International Solar Alliance (ISA).

ISA’s Founding Conference which was conducted in New Delhi, India's capital, was co-chaired by the French President Emmanuel Macron and Indian Prime Minister Narendra Modi. France has also committed to invest €700m in loans and financial support for the solar projects. 

The financial assistance offered by India and France to emerging economies are expected to support the deployment of solar power on a global scale. 

At the conference, Modi announced a 10 point action-plan aimed to make solar power affordable, while increasing the amount of power being generated.

The conference was attended by 23 heads of states and governments from all across the world, majority of them representing Africa. Some of the countries include Benin, Burkina Faso, Chad, Congo, Ghana, Mali, Guinea, Niger, Nigeria, Seychelles and Rwanda.

Modi was quoted by The Hindu as saying: “India will provide assistance to 15 countries for $1.4 billion. I am happy to announce that to fill the gap of solar technology, India will start a solar technology mission with international focus, which will cover all government technical and educational institutions."

Out of the 27 projects that India vowed to provide financial assistance, 23 belong to Africa and the remaining four belong to two each in Bangladesh and Sri Lanka, India’s neighbouring countries.

These solar projects will power infrastructure including health centres, high schools, street-lighting and drinking water supply in the countries.

The $1.4bn investment is part of a $2bn Indian Line of Credit that will be allocated for projects abroad, Deccan Chronicle reported.

Macron said: “It is not enough to look at what governments are doing. We need a new international deal with the private sector, the international public sector and civil society as well.”