Solar Alliance Raises Millions in Funding for Renewable Energy Development in Guyana

Chief Operating Officer of the International Solar Alliance (ISA), Josh Wycliffe, revealed the development of a new funding scheme aimed at attracting investors to assist vulnerable countries in upgrading their energy infrastructure. The scheme is designed to encourage the use of solar energy instead of harmful fossil fuels such as diesel. Wycliffe disclosed that the ISA intends to raise approximately US$250 million to facilitate the transition to solar energy in Africa first, due to the region's significant energy needs and lack of financial support. The secured funding aims to attract private investments and consists of two main components, namely a payment guarantee and an insurance support fund. With the payment guarantee, investors can be partially compensated, while the insurance premium will offset insurance costs during the pre-revenue phase and cover losses resulting from calamities or disasters. According to Wycliffe, these components are expected to allay some of the "investors' fears." The ISA was established as a joint effort between India and France at the 21st Conference of Parties (COP21) to the United Nations Framework Convention on Climate Change (UNFCCC) in Paris in 2015, and since then, it has been collaborating with international financial institutions to secure funding for small and developing states to adopt more solar energy solutions. Guyana has been working with the ISA on solar projects, such as the deployment of mini-grids throughout the country.

Source(Newsroom)

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23 Mar 2023 15:00 | by anaraine

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