There is a need for Indian industry to set up infrastructure in less developed ISA member countries for renewable energy, Power Minister RK Singh said today.
The International Solar Alliance (ISA) has potential to change developmental paradigm in the world, he said.
"There is need for our industry to go and set up infrastructure in these countries," Singh said and talked about doing necessary de-risking in this regard.
He was addressing an event after the Ministry of External Affairs (MEA) signed the Host Country Agreement here.
The Agreement will give ISA a juridical personality and gives it power to contract, acquire and dispose of movable and immovable properties as well as to institute and defend legal proceedings.
He said that energy will now be available to less developed tropical countries at affordable rates and in an easily deployable manner.
He also mentioned that many countries have shown interest to learn from India's experience in renewable energy.
Minister of State, External Affairs, General VK Singh stressed that ISA has an onerous task at hand to mobilise over USD 1 trillion of investment into the Solar Sector and deploying over 1000 GW of Solar capacity.
He also stated that ISA need to firm up financial partnership deals with more multilateral and bilateral donor agencies in order to meet its stated objectives.
The agreement was signed by Minister of State for External Affairs Singh, Minister of State and Interim Director General, ISA Upendra Tripathy.
Under this pact, ISA shall enjoy such privileges, applicable tax concessions and immunities as are necessary for ISA's Headquarter to independently discharge its function and programmes. ISA shall be deriving its status, privileges and immunities as per Article 10 of Framework Agreement.
The ISA is an initiative jointly launched by the Prime Minister of India and President of France on November 30, 2015 at Paris in the presence of the Secretary General of the UN, on the side lines of COP21 UN Climate Change Conference.
The main objective of ISA is to undertake joint efforts required to reduce the cost of finance and the cost of technology, mobilise more than USD 1 trillion of investments needed by 2030 for massive deployment of solar energy, and pave the way for future technologies adapted to the needs of 121 countries lying fully or partially between the Tropics.
It has presently four ongoing programmes: Scaling Solar Applications for Agricultural Use, Affordable Finance at Scale, Scaling Solar Mini Grids and Scaling Solar Rooftop catering to the needs of solar energy in specific areas.
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