The International Solar Alliance (ISA) is considering increasing the viability gap funding for renewable projects to 35 per cent, its President R K Singh said on Tuesday

The International Solar Alliance (ISA) is contemplating the idea of raising the viability gap funding for renewable projects to 35 percent, according to R K Singh on Tuesday at the sixth Session of the International Solar Alliance Assembly.

The ISA gives member countries 10 per cent of the project cost for a designated Renewable Energy (RE) project under the Viability Gap Funding (VGF).

During the Sixth Session of the International Solar Alliance Assembly, R.K. Singh, the Minister of New and Renewable Energy, stated that funding for projects in developing nations is available through the ISA’s VGF programme.

“Today we (member countries)… all the ministers together.. decided that we will increase the viability gap funding from 10 per cent to 35 per cent,” he said.

“The move will enable more investments in the solar industry”, he added.

About 733 million people worldwide lack access to power, according to the ISA president, and it is the organisation’s goal to make sure they have access to sustainable energy.

“We have a mission to ensure access to these people using renewable energy. In renewable energy, solar has the most potential as it can sustain for longer period of time,” he further added.

Ministers from 20 countries and delegates from 116 member and signatory countries and 18 prospective nations joined the inaugural ceremony of the sixth ISA assembly.