ISA Partners with Africa50 for Africa Solar Facility Management

The International Solar Alliance (ISA) is in exclusive discussions with Africa50 to manage its Africa Solar Facility (ASF), a $200 million initiative aimed at boosting solar investments in Africa. The ASF seeks to provide cost-effective financing for solar projects to increase energy access and promote sustainable development. The decision follows an open expression of interest process by the ISA and was announced during the first International Solar Festival 2024.

The International Solar Alliance (ISA) announced on Thursday that it has entered into exclusive discussions with Africa50 to potentially manage its proposed Africa Solar Facility (ASF).

The ASF, a $200 million initiative, aims to unlock investment in distributed solar projects across Africa by offering tailored and cost-effective financing solutions. This facility addresses a market hindered by smaller project sizes and high perceived risks despite the increasing demand for clean energy. It aims to enhance energy access, accelerate solar deployment, and drive sustainable development across the continent.

This decision follows a public expression of interest (EOI) process initiated by the ISA to identify entities suitable to manage the ASF. The announcement was made during the inaugural International Solar Festival 2024, organized by the ISA, which works with governments to promote solar power as a key climate solution for a carbon-neutral future.

(With inputs from agencies.)