MIGA, ISA launch solar facility in Sub-Saharan Africa

09 Sep 2024 CW Team

The Multilateral Investment Guarantee Agency (MIGA) and the International Solar Alliance (ISA) have jointly launched the MIGA-ISA Solar Facility, a multi-donor trust fund aimed at promoting the adoption of solar energy. This facility will offer concessional financing tools, such as first-loss instruments and reinsurance, to improve project bankability and reduce the cost of MIGA guarantees. Initially focusing on Sub-Saharan Africa, the facility has plans to expand globally.

ISA has contributed $2 million in seed funding and aims to reach $10 million for the facility. Dr. Ajay Mathur, Director General of ISA, expressed the organisation's enthusiasm for collaborating with MIGA to provide affordable guarantee solutions for decentralized solar projects in Africa. The facility will also help MIGA increase its guarantee issuance, mobilizing private capital for solar and distributed energy projects. This initiative is part of ISA?s broader Global Solar Facility, which has set a $200 million target for Africa.

Previously, MIGA and ISA collaborated on a solar project in the Democratic Republic of Congo, where MIGA guarantees and ISA financing lowered operating costs by about 20%, resulting in reduced tariffs. It was noted that approximately 675 million people currently lack access to electricity, and projections indicate that 660 million could remain without power by 2030 without significant intervention.

Hiroshi Matano, Executive Vice President of MIGA, expressed the agency?s excitement about hosting the MIGA-ISA Solar Facility and supporting Sub-Saharan Africa in gaining access to reliable and clean electricity. The World Bank and African Development Bank are working towards providing electricity to 300 million people in Africa by 2030. ISA, which has 119 member countries, is focused on launching its Global Solar Facility, starting with a $200 million target for Africa, to provide cost-effective financing for solar projects.

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