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The International Solar Alliance (ISA) has announced a milestone with the initiation of the first pilot project under its Global Solar Facility (GSF). In collaboration with Nuru, a solar power firm in the Democratic Republic of the Congo (DRC), the project aims to develop and construct 15 MW of solar metro grid capacity across three provinces in the Eastern Congo.
Dr Ajay Mathur, Director General of the International Solar Alliance, emphasized the transformative potential of Nurus approach, "Less than 20% of the DRCs population has access to energy, and with a rising energy demand projected for the future, Nurus innovative approach to renewable energy access unlocks the immense market potential across the country. The company will be installing a series of mini grids that will power around 5 million people. Towards this, the GSF is providing insurance capital to the company, which will be bought from MIGA, contributing significantly to the viability of the project."
The ISA, through its GSF is supporting Nuru by partnering with the Multilateral Investment Guarantee Agency (MIGA) of the World Bank Group. This collaboration, announced at the G20-Clean Energy Ministerial meeting in Goa in July 2023, looks at promoting new investment in solar power generation to increase access and boost energy security, especially in countries with the greatest needs. "ISA-MIGA partnership will be invaluable to mitigating risk, and unlocking potential of investments in Africa", added Dr Mathur.
Jonathan Shaw, Chief Executive Officer and Co-Founder of Nuru, expressed his enthusiasm: "Nuru is delighted to be implementing the first project to receive International Solar Alliance support. The ISA is providing critical and catalytic support to ensure that we can manage complex risks in the places we work while also maintaining affordable pricing for our clients/ |
