AfDB signs deal to scale up solar energy development

Rooftop solar energy systems getting larger as households tempted by falling prices and increased capacity

Rooftop solar energy systems getting larger as households tempted by falling prices and increased capacity

Most importantly, the relationship will help AfDB develop finance instruments for off-grid solar projects and large-scale solar independent power producers for African ISA member countries.

Several other companies announced deals worth more than Dollars 100 million, including Greenko Energy, Hero Future Energies, and CleanMax Solar, it said.

"I am happy to announce that to fill the gap of solar technology, India will start a solar technology mission with global focus, which will cover all government technical and educational institutions".

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The Bank and ISA will jointly support technical assistance and knowledge transfer for solar development and deployment in sun-shine rich African countries. French President Emmanuel Macron committed €700 million (US$865 million) to the scheme.

"We appreciate the ISA's goal of expanding access to cost-effective solar power and look forward to the economic and social benefits this approach will bring to the developing world", the spokesperson said in response to a question.

The partnership agreement was sealed on the margins of the Founding Conference of the International Solar Alliance (ISA) held in New Delhi on March 11. Its stipulated aim is for renewable energy to make up 40% of installed power capacity by 2030, compared with 18.2% at the end of 2017. It now has 970 MW of solar capacity online - with at least 649 MW of large scale project announcements in the last few months, for a total of 1,619 MW. Also there, were solar manufacturers, developers, financial institutions, innovators NGOs.

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

The Italian company Solar Ventures, working in solar energy since 2007, plans for the next five years to build in Italy and Spain 1 gigawatt of solar power plants "on market conditions", i.e. without using any tools of state support. Its primary objective is to work for efficient exploitation of solar energy to reduce dependence on fossil fuels. "The private sector can provide the money, it's government getting obstacles out of the way that counts", he says. According to the International Renewable Energy Agency, headquartered in Abu Dhabi, the cost of the technology has fallen by 73% since 2010.

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