France's Macron pledges €700m to solar energy push

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(Ecofin Agency) - The International Solar Alliance (ISA) was officially launched yesterday March 11, in New Delhi, India.

The ISA is a treaty-based inter-governmental alliance of 121 sunshine-rich countries that lie fully or partially between the Tropics of Cancer and Capricorn.

France and India have reaffirmed their commitment to lead the fight against climate change and the push for massive deployment of solar energy.

India will extend $1.4 billion line of credit to countries in the alliance.

The conference is being attended by heads of 23 nations and 10 ministerial representatives of different countries, besides heads of UN dignitaries, presidents of multilateral development banks, heads of global funds and financial institutions and energy-related institutions.

"We extend our congratulations to the ISA on the occasion of its founding ceremony". They will thus set a platform for cooperation between developed countries with solar energy technologies and countries in the southern hemisphere. He also revealed that ISA has to date secured 60 signatories and 30 parties already had ratified solar alliance.

"We have been pleased to provide technical support to the ISA and will continue to look for opportunities where the United States can collaborate with the ISA in future", the spokesperson said.

Under Prime Minister Narendra Modi, India has moved to quickly scale up its use of renewable power. However, the MIT Technology review said that the well-intentioned target looks almost impossible to achieve.

India is now home to one of the world's largest renewable energy programs.

NY governor Andrew M Cuomo on Friday awarded contracts to 26 large-scale renewable energy projects totalling 1,383.09 MW, making the largest single investment in renewables by а U.S. state.

According to a report by Live Mint, the 75 MW solar plant is built at a cost of around Rs500 crore by French firm Engie at Dadar Kalan village on the hilly terrain of the Vindhyas range.

ISA plans to address that issue in part by creating a larger, global market for solar technology that would benefit smaller countries by aggregating the risk and the demand, Tripathy said. "I am happy to announce that to fill the gap of solar technology, India will start a solar technology mission with worldwide focus, which will cover all government technical and educational institutions", Prime Minister Narendra Modi said, announcing the unprecedented investment. Power would be transmitted to Jigna sub-station of Mirzapur range of Uttar Pradesh Power Corporation Ltd, officials said.