ISA and MIGA Launch Multi-Donor Trust Fund to Boost Solar Initiatives
The facility, a multi-donor trust fund, will combine ISA’s technical expertise and MIGA’s capacity to mobilize financing, creating an innovative mechanism to accelerate the global adoption of solar energy, including cutting-edge solar energy technologies.
September 07, 2024. By News Bureau
The facility, a multi-donor trust fund, will combine ISA’s technical expertise and MIGA’s capacity to mobilize financing, creating an innovative mechanism to accelerate the global adoption of solar energy, including cutting-edge solar energy technologies.
It will offer concessional financing tools, including first-loss instruments and reinsurance capacity, to improve project bankability and lower the cost of MIGA guarantees. Initially, the facility will focus on supporting Sub-Saharan Africa, with plans to expand globally.
Administered by MIGA, the facility will help scale up its guarantee issuance, mobilizing private capital for solar and distributed energy projects. It will provide cost-effective risk mitigation instruments to support the growth of solar projects in ISA member countries. The ISA has committed a seed funding of USD 2 million, with a target to raise USD 10 million for the facility. This is the first program under the guarantee component of ISA’s Global Solar Facility (GSF), which will have a target size of USD 200 million for Africa.
Additionally, both MIGA and ISA will support each other in launching new solar power and distributed energy projects in eligible developing countries.
“ISA is excited to collaborate with MIGA for providing cost-effective guarantee solutions for decentralized solar projects in Africa,” said Dr. Ajay Mathur, Director General, ISA. “This is an important milestone in the roll out under ISA’s GSF. We look forward to providing cost effective clean energy through this program to impact the lives of millions of Africans that remain off-grid to date.”
“MIGA is excited to host the MIGA-ISA Solar Facility and support Sub-Saharan Africa in accessing reliable and clean electricity,” said Hiroshi Matano, Executive Vice President, MIGA. “The facility will attract private investment by providing risk mitigation and concessional financing, and lower costs and close the energy gap in underserved regions.”
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