{"id":93371,"date":"2024-09-11T10:08:05","date_gmt":"2024-09-11T10:08:05","guid":{"rendered":"https:\/\/theelectricityhub.com\/?p=93371"},"modified":"2024-09-11T10:08:23","modified_gmt":"2024-09-11T10:08:23","slug":"miga-and-isa-solar-facility-launched-to-transform-solar-energy-in-africa","status":"publish","type":"post","link":"https:\/\/theelectricityhub.com\/miga-and-isa-solar-facility-launched-to-transform-solar-energy-in-africa\/","title":{"rendered":"MIGA and ISA Solar Facility Launched to Transform Solar Energy in Africa"},"content":{"rendered":"\n<ul class=\"wp-block-list\">\n<li>MIGA and ISA launch the $10 million MIGA-ISA Solar Facility to boost solar energy projects in developing countries, focusing on Sub-Saharan Africa.<\/li>\n\n\n\n<li>ISA provides $2 million in seed funding to raise $10 million; the broader Global Solar Facility targets $200 million for African solar projects.<\/li>\n\n\n\n<li>The facility\u2019s first project in the Democratic Republic of Congo aims to cut operational costs by 20%, helping to lower consumer tariffs and advance the goal of 300 million new electricity connections in Sub-Saharan Africa by 2030.<\/li>\n<\/ul>\n\n\n\n<p>The Multilateral Investment Guarantee Agency (MIGA) and the International Solar Alliance (ISA) have unveiled a transformative initiative to boost worldwide solar energy adoption. The new MIGA-ISA Solar Facility is a multi-donor trust fund designed to facilitate the expansion of <a href=\"https:\/\/theelectricityhub.com\/?s=solar+power+projects\">solar power projects<\/a>, focusing on developing countries and Sub-Saharan Africa.<\/p>\n\n\n\n<p>This innovative facility, supported by India, combines ISA&#8217;s technical expertise with MIGA&#8217;s financial strength. By doing so, it seeks to enhance the bankability and affordability of solar energy projects. The facility will offer concessional financing tools and incorporate advanced risk mitigation and reinsurance mechanisms. These strategies are intended to attract private sector investment and lower the cost of MIGA guarantees, making <a href=\"https:\/\/theelectricityhub.com\/?s=solar+projects\">solar projects<\/a> more viable and appealing to investors.<\/p>\n\n\n\n<p>ISA has committed $2 million in seed funding to initiate the facility, raising $10 million. This initial funding will be crucial in kickstarting the program and demonstrating its potential to mobilise further investment. In the broader context, the Global Solar Facility (<a href=\"https:\/\/solarquarter.com\/2024\/09\/09\/miga-and-isa-join-forces-to-drive-solar-energy-expansion-in-sub-saharan-africa\/\">GSF<\/a>) aims to mobilise an impressive $200 million to support solar projects throughout Africa.<\/p>\n\n\n\n<p>In a significant development, the MIGA-ISA Solar Facility has already launched its first solar project in the Democratic Republic of Congo. This pilot project will showcase the facility&#8217;s potential and set a precedent for future endeavours. MIGA guarantees associated with this project are anticipated to reduce operational costs by 20%, which will, in turn, help lower <a href=\"https:\/\/theelectricityhub.com\/?s=consumer+tariffs\">consumer tariffs<\/a>. This cost reduction is expected to make solar energy more affordable for consumers in the region.<\/p>\n\n\n\n<p>The MIGA-ISA Solar Facility aligns with a broader, ambitious goal to provide 300 million new electricity connections in Sub-Saharan Africa by 2030. This goal underscores the urgent need to address the energy access gap in underserved regions. The initiative aims to provide a sustainable and cost-effective solution to the region&#8217;s energy challenges by focusing on <a href=\"https:\/\/theelectricityhub.com\/?s=solar+energy\">solar energy<\/a>.<\/p>\n\n\n\n<p>The partnership between MIGA and ISA represents a significant step towards creating a more sustainable and equitable <a href=\"https:\/\/theelectricityhub.com\/?s=energy+future\">energy future<\/a>. The facility\u2019s approach of combining technical and financial resources is expected to drive meaningful progress in <a href=\"https:\/\/theelectricityhub.com\/?s=solar+energy+adoption\">solar energy adoption<\/a>, particularly in areas with limited access to reliable energy. As the facility progresses, it will continue attracting private capital and supporting solar project development, ultimately contributing to the global transition towards <a href=\"https:\/\/theelectricityhub.com\/?s=renewable+energy+sources\">renewable energy sources<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Multilateral Investment Guarantee Agency (MIGA) and the International Solar Alliance (ISA) have unveiled a transformative initiative to boost worldwide solar energy adoption. The new MIGA-ISA Solar Facility is a&hellip; <\/p>\n","protected":false},"author":43,"featured_media":91158,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[3601,4021,496,219,225,223,227],"tags":[1506,5851,1913,343,262,327,3443],"class_list":["post-93371","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy-storage","category-energy-transition","category-international-news","category-news-2","category-off-grid","category-renewable-energy","category-renewables","tag-consumer-tariffs","tag-energy-future","tag-isa","tag-miga","tag-renewable-energy","tag-solar-energy","tag-solar-projects"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>MIGA and ISA Solar Facility Launched to Transform Solar Energy in Africa &#8226; The Electricity Hub<\/title>\n<meta name=\"description\" content=\"MIGA and ISA launch the $10 million MIGA-ISA Solar Facility to boost solar energy projects in developing countries.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/theelectricityhub.com\/miga-and-isa-solar-facility-launched-to-transform-solar-energy-in-africa\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MIGA and ISA Solar Facility Launched to Transform Solar Energy in Africa &#8226; The Electricity Hub\" \/>\n<meta property=\"og:description\" content=\"MIGA and ISA launch the $10 million MIGA-ISA Solar Facility to boost solar energy projects in developing countries.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/theelectricityhub.com\/miga-and-isa-solar-facility-launched-to-transform-solar-energy-in-africa\/\" \/>\n<meta property=\"og:site_name\" content=\"The Electricity Hub\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/theelectricityhub\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-11T10:08:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-11T10:08:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/theelectricityhub.com\/wp-content\/uploads\/2024\/08\/solar-7.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"760\" \/>\n\t<meta property=\"og:image:height\" content=\"437\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oshionameh Ajayi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@NGElectricHub\" \/>\n<meta name=\"twitter:site\" content=\"@NGElectricHub\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oshionameh Ajayi\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/theelectricityhub.com\/miga-and-isa-solar-facility-launched-to-transform-solar-energy-in-africa\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/theelectricityhub.com\/miga-and-isa-solar-facility-launched-to-transform-solar-energy-in-africa\/\"},\"author\":{\"name\":\"Oshionameh Ajayi\",\"@id\":\"https:\/\/theelectricityhub.com\/#\/schema\/person\/f4c5493da76d78bcc0734c56afa93b25\"},\"headline\":\"MIGA and ISA Solar Facility Launched to Transform Solar Energy in Africa\",\"datePublished\":\"2024-09-11T10:08:05+00:00\",\"dateModified\":\"2024-09-11T10:08:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/theelectricityhub.com\/miga-and-isa-solar-facility-launched-to-transform-solar-energy-in-africa\/\"},\"wordCount\":463,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/theelectricityhub.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/theelectricityhub.com\/miga-and-isa-solar-facility-launched-to-transform-solar-energy-in-africa\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/theelectricityhub.com\/wp-content\/uploads\/2024\/08\/solar-7.jpg\",\"keywords\":[\"Consumer tariffs\",\"energy future\",\"ISA\",\"MIGA\",\"Renewable Energy\",\"Solar Energy\",\"Solar projects\"],\"articleSection\":[\"Energy Storage\",\"Energy Transition\",\"International News\",\"News\",\"Off-Grid\",\"Renewable Energy\",\"Renewables\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/theelectricityhub.com\/miga-and-isa-solar-facility-launched-to-transform-solar-energy-in-africa\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/theelectricityhub.com\/miga-and-isa-solar-facility-launched-to-transform-solar-energy-in-africa\/\",\"url\":\"https:\/\/theelectricityhub.com\/miga-and-isa-solar-facility-launched-to-transform-solar-energy-in-africa\/\",\"name\":\"MIGA and ISA Solar Facility Launched to Transform Solar Energy in Africa &#8226; 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