Modi eyes big Africa push through aid to counter China presence.
Since India and France are providing funds to ISA member-countries for setting up projects on solar energy and global financial institutions and mechanisms are partnering with ISA to generate funds, the cost of solar projects would come down, President Hamid hoped.
Governor-General of Australia Sir Peter Cosgrove will arive arrive here on Saturday on a five-day visit to India, during which he will attend the founding conference of the International Solar Alliance (ISA) on Sunday, the Australian High Commission here said in statement on Friday.
In his speech, PM Modi said, "We want a solar revolution not just in India but the world".
The remaining four projects are in India's neighbourhood of which two each are in Bangladesh (worth a total of $180 million) and Sri Lanka ($100 million).
"We have to identify the needs of our member countries". Renewable energy only contributes 18 per cent of India's energy demands. The US$ 1.4 billion will be part of the US$ 2 billion under the Indian LoC that will be allocated and in turn part of the $10 billion for development projects overseas that have been "pledged" by New Delhi earlier.
"Of the 121 prospective nations, 61 have joined the alliance, 32 have also ratified the framework agreement".
On November 30, 2015, India and France, at the UN Climate Change Conference in Paris, have launched an International Solar Alliance to boost solar energy in developing countries.
Macron also used the occasion to take a pot shot at US President Donald Trump without naming him. They started to act and to deliver complete results. "They didn't wait, they didn't stop because few countries chose to just leave the floor and the Paris agreement", the French President said.
Because they decided it was good for them, for their children, their grandchildren.
The prime minister stressed on the need to make the ISA secretariat "strong and professional".
The development of our solar energy policy has to be holistically seen so that it aids us in achieving the SDGs.
"But in order to reach $1,000 by 2030, to reach 1,000 GW solar energy, we need private investors".
"We know the hurdles". We shall therefore lift every single one of them", he said, adding, "To that effect, it is not enough to look at what governments are doing.
"We have prepared facilities for project preparation which will give consultancy support for bankable projects to countries. The previous three partnerships were signed by ISA with the World Bank, the European Investment Bank and the European Bank for Reconstruction and Development", an ISA release stated.
They also chose to facilitate joint research and development efforts among member states.
"We all have to think about the road ahead and I have a 10-point action plan that I would like to share with you".
In a major development yesterday the ISA signed a joint cooperation with International Energy Agency (IEA) to deepen co-operation in the field of renewable energy.
The ISA is a treaty-based intergovernmental organisation, the first of its kind to be based in India.
The solar alliance is working for deployment of over 1,000 GW of solar energy and would mobilise more than $1,000 billion into solar energy by 2030, according to the statement.