World Solar Bank aims to infuse $10 bn in solar projects across ISA members

The World Solar Bank aims to infuse $10 billion in solar energy projects in countries which are members of the International Solar Alliance (ISA), a senior official said on Tuesday.

Participating in a webinar organised by the India Energy Storage Alliance (IESA), ISA Director General Upendra Tripathy said, "One of the most important aspects in energy storage is e-vehicles. In order to promote its adoption, solar cost should be affordable for the masses. Talking about storage economy, the aim is to solarize the storage to generate employment."

He further said ISA is closely working with member countries to understand their storage requirements.

"In a first, the World Solar Bank is aimed at infusing around $10 billion toward addressing solar projects in the member countries. Storage will play an important role in realizing the ambitious goal of 'One World, One Sun, One Grid' - a term coined by the Prime Minister of India," Tripathy was quoted as saying in a statement issued by IESA.

In a letter to the World Energy Storage Day Conclave and Expo held digitally by the IESA, Prime Minister Narendra Modi stated, "For energy access and energy sustainability, we are focused towards building a robust storage capability in the country... The presence of policymakers, technical experts, and other participants from various countries reflects mankind's commitment to sustainable development."

Niti Aayog CEO Amitabh Kant said, "The potential demand for advance battery storage applications till 2030 in India is expected to reach 230 GW on a year to year basis while on a cumulative basis, the domestic market demand of 1116 GWh has been estimated."

With high priority accorded to Make in India, the government shall soon launch incentive schemes to invite global companies to set up mega manufacturing plants in advanced technology areas such as solar photovoltaic cells and battery storage, he added.

The IESA was launched in 2012 to assess the market potential of energy storage technologies in India.

The ISA is an alliance of 121 countries to create a global market system to tap the benefits of solar power and promote clean energy applications.