The ISA and the ADB would also cooperate on knowledge sharing and developing technology roadmaps for the promotion of solar energy.
The Asian Development Bank (ADB) and the International Solar Alliance (ISA) has signed a cooperation arrangement to promote solar energy deployment in Asia and the Pacific.
Upendra Tripathy, ISA interim director general and ADB vice-president for knowledge management and sustainable development Bambang Susantono signed the pact in the presence of Finance Minister and ADB Governor Arun Jaitley.
“ADB’s energy policy commits USD 3 billion per year by 020 for promoting clean energy, including solar energy projects in its developing member countries,” said Susantono. “We are happy to work with ISA to mobilise additional investments to meet ISA’s goals for the massive deployment of affordable solar energy.”
The cooperation sees solar power generation, solar based mini-grids, and transmission systems for integrating solar energy into grids, among others. The ISA and the ADB would also cooperate on knowledge sharing and developing technology roadmaps for the promotion of solar energy, the multilateral lending agency said in a statement.
The major objectives of the international solar alliance to install over 1,000 gigawatt (GW) of solar generation capacity and mobilisation of investment of over USD 1 trillion into solar energy by 2030.
They would also develop financing instruments to support solar energy deployment and conduct studies and consultations to explore mobilisation of concessional financing through trust funds or special funds administered by ADB.
Based in Manila, ADB, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, the bank is owned by 67 members 48 from the region.