After the International Solar Alliance’s first summit conducted in New Delhi lately, the Government of India has declared financial support worth $1 Billion for execution of solar power initiatives all over different nations in Africa.
The Ministry for External Affairs of India has drafted guidelines to make obtainable the $1 Billion financial support for 23 initiatives all over 13 nations in Africa. These nations comprise Burkina Faso, Benin, Mali, Chad, Togo, Niger, Democratic Republic Congo, Guinea, Nigeria, and Ghana.
The ISA (International Solar Alliance) was a plan drawn by Narendra Modi, the Indian Prime Minister, and was rolled out in association with the Government of France in 2017 at the climate change summit.
The goal of the ISA is to support putting in place solar power of 1,000 Gigawatts capacity all over the world by the end of 2030. The Alliance also places well in strategic aspirations of India.
Aiming African nations with funding for solar project puts India in direct rivalry with China, which has had an extended history of financing energy initiatives in Africa.
Sources claimed to the news agencies of India that solar modules will be provided by manufacturers of India, likely at cheaper rates in comparison to those from Chinese makers. If this is certainly the situation, it will expand the trade war between Chinese and Indian solar module and cell makers out of the continent.
What India executes is uncommon or unethical by no means. Various initial initiatives of solar power below National Solar Mission of India were started with debt financing from the U.S. banks, comprising the United States Export-Import Bank. All these initiatives employed solar modules from the U.S. firms, typically from First Solar.
By providing a series of credit to African nations, India will not only attain its strategic objectives but also unlock a new market for its domestic ailing makers of solar module.