Home / Front Page/ India announces $ 100 m concessional financing for solar projects in Sri Lanka

India announces $ 100 m concessional financing for solar projects in Sri Lanka


Comments / {{hitsCtrl.values.hits}} Views / Tuesday, 13 March 2018 00:39


 

President Maithripala Sirisena visited New Delhi from 10-11 March 2018 to attend the Founding Conference of the International Solar Alliance, co-chaired by Prime Minister of India Narendra Modi and President of France Emmanuel Macron. 

President Sirisena called on President of India Ram Nath Kovind and Prime Minister of India Narendra Modi on the sidelines of the Conference. He also attended the Presidential banquet hosted in Rashtrapati Bhawan on 10 March and lunch hosted by the Prime Minister on 11 March for the delegates.

The ISA Founding Conference brought together delegations from 46 countries all over the globe including Heads of State and Government from 21 countries. Several UN representatives, leaders of Multilateral Development Banks, business leaders in renewable energy, members of civil society and think tanks also attended the Conference. Delhi Solar agenda was released at the Conference.

Solar projects worth nearly $ 1.4 billion in 15 countries were announced at the Conference under Government of India concessional financing. An Indian Line of Credit for $ 100 million was announced for undertaking solar projects in Sri Lanka, which includes development of 200,000 rooftop solar units for low income families (for $ 50 million) and setting up of rooftop solar in Government schools and colleges, hospitals and other Government establishments in Sri Lanka (for $ 50 million).

ISA has been described by Prime Minister of India as the single most important global achievement after the Paris Accord on Climate Change. The first General Assembly of the ISA is expected to be held on the sidelines of the second edition of the Renewable Energy Global Investors Meet and Expo, in short REINVEST to be organised by the Ministry of New and Renewable Energy of India in April 2018.

India has offered to meet ISA Secretariat expenses for initial five years. The Government of India has allotted five acres of land to ISA, a nice campus in Gurugram, Haryana and released a sum of $ 20 million for creating a corpus fund, building infrastructure and meeting day to day recurring expenditure. 

President Sirisena attended the launch of ISA at the COP-21 in Paris on 30 November 2015. The ISA was launched by Prime Minister Narendra Modi & the then President of France Francois Hollande.

The ISA is conceived as a coalition of 121 solar resource rich countries (lying fully or partially between the Tropics of Cancer and Capricorn) to address their energy needs, through a common platform for collaboration, for achieving speed, scale and skills for deploying available solar technologies; facilitating strategic and collaborative solar R&D; and lowering the cost of finance for solar projects and capacity building. 

A total of 62 countries have joined ISA so far, out of which 32 countries have signed and ratified ISA Framework Agreement. Sri Lanka became a full-fledged member of ISA on 12 February.


Share This Article


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

Reaping relevant results: Reflections on ‘Mind before Action’

Monday, 17 December 2018

The recent political turbulence that shattered the prestige edifices of governance proved several fundamental points. For me, one such is the need to have holistic thinking with emphasis on far reaching implications before taking a crucial decision.


The quality of some justice

Monday, 17 December 2018

We must, if we are rational beings and not mindless beasts, treat the herd instinct with due vigour. In the week before the Incarnation of the Son of God, a Son of the Soil seems fit for Crucifixion. The UNP’s sleek bloodhounds, some crossover SLFP


JVP’s task ahead

Monday, 17 December 2018

Ranil Wickremesinghe has reclaimed his Prime Ministership, not because he deserved it but because of President Sirisena’s impulsive irrationality driven by hunger for power and because of a determined commitment by JVP, TNA and Muslim parliamentari


If the new regime fails to uphold democratic good governance, society will bark loud and bite

Monday, 17 December 2018

Let the leaders of the new regime clearly realise that the civil society and citizen voters are watching with eyes open, ears attentive, and minds alert, and the body ready to spring into mindful strategic action to establish whether the much hard-fo


Columnists More