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The India-headquartered International Solar Alliance will become a treaty-based international intergovernmental organisation on Wednesday.
An official statement said, “In terms of its framework agreement, with ratification by Guinea as the 15th country on November 6, 2017, the International Solar Alliance (ISA) will become a treaty-based international intergovernmental organisation on December 6, 2017.”
The ISA, headquartered in India, has its Secretariat in the campus of the National Institute of Solar Energy, Gwalpahari, Gurgaon, Haryana, the statement added.
As of date, 46 countries have signed and 19 countries have ratified the framework agreement of ISA.
The 19 ratifying countries are India, France, Australia, Bangladesh, Comoros, Cuba, Fiji, Guinea, Ghana, Malawi, Mali, Mauritius, Nauru, Niger, Peru, Seychelles, Somalia, South Sudan, and Tuvalu.
The 46 signatory countries are Australia, Bangladesh. Benin, Brazil, Burkina Faso, Cambodia, Chile, Costa Rica, Democratic Republic of Congo, Comoros, Cote d’Ivoire, Djibouti, Cuba, Dominican Republic, Ethiopia, Equatorial Guiana, Fiji, France, Gabonese Republic, Ghana, Guinea, Guinea Bissau, India, Kiribati, Liberia, Madagascar, Malawi, Mali, Mauritius, Nauru, Niger, Nigeria, Peru, Rwanda, Senegal, Seychelles, Somalia, South Sudan, Sudan, Tanzania, Tonga, Togolese Republic, Tuvalu, UAE, Vanuatu, and Venezuela.
The ISA has been developing a Common Risk Mitigating Mechanism (CRMM) for de-risking and reducing the financial cost of solar projects in the ISA member countries. The instrument will help diversify and pool risks on mutual public resources and unlock significant investments. An international expert group has been working on the blue-print of the mechanism and it will be rolled out by December 2018, the statement added.
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