International Solar Alliance Allocates $35 Million for Global Solar Facility

November 1, 2023

The International Solar Alliance (ISA) has announced a capital infusion of $35 million for its Global Solar Facility (GSF), aimed at stimulating solar investments in underserved regions, particularly in Africa.

Contributions from Various Stakeholders

The Government of India is considering a contribution of $25 million to the GSF, with an additional $10 million coming from the ISA itself. Notably, Bloomberg Philanthropies and the Children’s Investment Fund Foundation (CIFF) have pledged their support to the GSF.

Leveraging Investments for Solar Transition

The GSF’s primary goal is to leverage investments to accelerate the transition to solar energy. Its target is to raise a total of $100 million. The GSF aims to tap into Africa’s vast potential for solar energy and help mitigate investment risks in the region.

Expanding Solar Access in Africa

The GSF’s mission is to facilitate $10 billion in investments, providing clean energy access to around 35-40 million African households by 2030, benefiting approximately 200 million individuals. This initiative aims to address the significant energy gap in the region.

Global Reach and Future Initiatives

The GSF’s vision extends beyond Africa, targeting regions like Asia, Latin America, and the Middle East. Future initiatives include funding innovative technologies, assisting startups, and exploring emerging solar energy sectors.

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