(Ecofin Agency) - The International Solar Alliance (ISA) plans to launch a $100 million guarantee fund to boost solar energy solutions in Africa. According to The Economic Times, the fund aims to mobilize up to $1.5 billion in financing to speed up the deployment of decentralized solar systems in African countries with high solar potential.

Ajay Mathur, the ISA’s Director-General, said “We are looking at a guarantee fund of $100 million, which would hopefully lead to 15 times that funding. So, projects of about $1.5 billion could occur”. The official announcement is expected during the International Solar Festival, scheduled for September 5-6, 2024, in New Delhi, India.

ISA, an intergovernmental organization based in New Delhi, was launched by India and France during the 21st UN Climate Change Conference (COP21). The initiative seeks to significantly increase solar power generation across 121 countries located entirely or partly between the Tropic of Cancer and the Tropic of Capricorn. Most of these countries are developing nations with immense solar energy potential.