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ISA in Talks with Africa50 for $200 Million Africa Solar Facility

The International Solar Alliance (ISA) has entered into exclusive discussions with Africa50 to potentially manage its 20 Crore Africa Solar Facility (ASF). This collaboration was announced during the inaugural International Solar Festival 2024, an event designed to promote solar energy as a key climate solution and a sustainable path to a carbon-neutral future.

The ASF aims to unlock investment in distributed solar projects across Africa, particularly addressing the high perceived risks that have hindered investment in this crucial sector. The facility will provide tailored financing solutions for smaller solar projects, helping to expand energy access and accelerate solar deployment across the continent. The initiative aligns with the broader goals of ISA to enhance sustainable development in Africa, where approximately Rs60 crore people lack access to electricity.

Africa50, a leading pan-African infrastructure investor with a portfolio exceeding Rs800 crore, brings extensive experience in project development and has already mobilized over Rs400 crore in funding for infrastructure projects across Africa. Its backing from 32 African countries and the African Development Bank strengthens its position as an ideal partner for ISA. Together, ISA and Africa50 aim to drive solar energy solutions across Africa, ensuring greater energy access and promoting clean energy development in the region.

Once discussions are formalized, Africa50 is expected to be appointed as the investment manager for the ASF. This will mark the first regional initiative under ISA’s Global Solar Facility (GSF), a program designed to accelerate clean energy investment worldwide. The partnership with Africa50 is seen as a crucial step in ISA’s mission to accelerate the deployment of solar energy across Africa, ultimately supporting sustainable growth and climate resilience on the continent.