The African Development Bank (AfDB) has signed a joint declaration with the International Solar Alliance (ISA) to promote the development of solar energy in Africa.
The joint declaration recognises the bank's leadership in working with several parties, including governments, the private sector and bilateral and multilateral energy sector initiatives to develop the Transformative Partnership on Energy for Africa.
The joint declaration, which was signed in the presence of the Indian Minister of State for Power and New and Renewable Energy, as well as the Indian Minister of Finance, lays out areas of deeper cooperation between ISA and the AfDB, including developing innovative financial instruments to reduce the risks and costs associated with solar investments and to leverage climate financing and commercial co-financing.
These areas of deeper cooperation also include supporting technical assistance and knowledge transfer for solar development and deployment, support for the bank's 10 GW Desert to Power solar initiative, mobilising concessional financing through the Sustainable Energy Fund for Africa and other bank-hosted funds, as well as developing finance instruments for off-grid solar projects, as well as large-scale solar independent power producers for African ISA member countries.
"This signing is an important milestone for the bank in its efforts to lead the continent's transformation towards sustainable energy, through the use of solar technologies and in its bid to reach universal access to energy in Africa," said AfDB power, energy, climate and green growth VP Amadou Hott.
The ISA is a coalition of solar resource rich countries that aims to address energy needs, while providing a platform to collaborate in addressing identified gaps through a common, agreed approach.