ALSO READGovt to set up USD 350 million solar development fund Heads of 23 nations to attend International Solar Alliance Summit India Would Achieve 175 GW Targets Of Installed Renewable Energy Capacity Well Before 2022 23 heads of state to attend international Solar Summit on Sunday Government is on its way to achieving 175 GW target for installed Renewable Energy capacity by 2022
The ISA and the ADB would also cooperate on knowledge sharing and developing technology roadmaps for the promotion of solar energy, the multilateral lending agency said in a statement.
They would also develop financing instruments to support solar energy deployment and conduct studies and consultations to explore mobilisation of concessional financing through trust funds or special funds administered by ADB.
ISA interim director general Upendra Tripathy and ADB vice-president for knowledge management and sustainable development Bambang Susantono signed the pact in the presence of Finance Minister and ADB Governor Arun Jaitley.
"ADB's energy policy commits USD 3 billion per year by 020 for promoting clean energy, including solar energy projects in its developing member countries," said Susantono. "We are happy to work with ISA to mobilise additional investments to meet ISA's goals for the massive deployment of affordable solar energy."
ISA, headquartered in Gurgaon near here, is now a treaty-based intergovernmental organisation that was established following the Paris Declaration as an alliance dedicated to the promotion of solar energy among its member countries.
The ISA's major objectives include global deployment of over 1,000 gigawatt (GW) of solar generation capacity and mobilisation of investment of over USD 1 trillion into solar energy by 2030.
India has set an ambitious target of installing 175 GW of renewable energy, including 100 GW from solar by 2020 as announced by Prime Minister Narendra Modi at the joint launch of the ISA with then-French President Francois Hollande on November 30, 2015.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members48 from the region.
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