Will raise viability gap funding to 35% for RE: Int'l Solar Alliance

The International Solar Alliance (ISA) is considering increasing the viability gap funding for renewable projects to 35 per cent, its President R K Singh said on Tuesday.

Under the Viability Gap Funding (VGF), ISA provides 10 per of the project cost to the member nation for an identified Renewable Energy (RE) project.

ISA has a programme for VGF, so funding is available for projects in developing countries, Singh, the Minister for New and Renewable Energy, said at the Sixth Session of International Solar Alliance Assembly.

"Today we (member countries)... all the ministers together.. decided that we will increase the viability gap funding from 10 per cent to 35 per cent," he said.

The move will enable more investments in the solar industry, Singh said.

The ISA president said there are about 733 million people across the world who don't have access to electricity and it is the ISA's mission to ensure that they get access to renewable energy.

"We have a mission to ensure access to these people using renewable energy... in renewable energy, solar has the most potential as it can sustain for longer period of time," he added.

Ministers from 20 countries and delegates from 116 member and signatory countries and 18 prospective nations joined the inaugural ceremony of the sixth ISA Assembly.