France to commit €700 million to ISA at the founding conference in Delhi

Founding Ceremony of International Solar Alliance in New Delhi.

More than 50 country leaders, led by India and France, gathered at the first summit of the International Solar Alliance (ISA) past weekend. France will commit €700 million to the ISA, President Emmanuel Macron said on Sunday at the founding ceremony and conference of the organization. According to news agency »Reuters«, Macron said France was more than tripling its commitment to the alliance, and its total monetary contribution to the alliance stood at one billion euros.
Furthermore, European Investment Bank (EIB) President Werner Hoyer was in Delhi to pledge his commitment to the initiative. He signed a contract for €150 million of new EIB financing »to support renewable energy investment across the country, including the expansion of solar power generation,« by the Indian Renewable Energy Development Agency (IREDA), the dedicated financing arm of the Ministry of New and Renewable Energy (MNRE) for financing renewable and energy efficiency projects in the country.
ISA is an Indian initiative, jointly launched by the Prime Minister of India, Shri Narendra Modi and the President of France in November 2015 in Paris, on the sidelines of COP-21, the UN Climate Conference. It aims at addressing obstacles to deployment at scale of solar energy through better harmonization and aggregation of demand from solar rich countries lying fully or partially between the Tropic of Cancer and Tropic of Capricorn. ISA targets to mobilize more than $1,000 billion in investments that will be required by 2030.

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