The Multilateral Investment Guarantee Agency (MIGA) and the International Solar Alliance (ISA), supported by the Indian government, have launched the MIGA-ISA Solar Facility, a multi-donor trust fund to expand global access to renewable energy. This facility will combine ISA’s technical expertise with MIGA’s financial mobilization capabilities, offering concessional financing and reinsurance to improve the viability of solar energy projects and reduce the cost of MIGA guarantees.
Focusing initially on Sub-Saharan Africa, with plans for global expansion, the facility will support the development of new solar and distributed energy projects in developing nations. It aligns with a broader World Bank Group and African Development Bank initiative to bring electricity to 300 million new connections in Sub-Saharan Africa by 2030.
Administered by MIGA, the facility aims to scale up guarantee issuances, attract private investment, and provide affordable risk mitigation solutions. ISA has committed US$2 million in seed funding, to raise US$10 million for the facility, which is part of ISA’s Global Solar Facility (GSF) targeting US$200 million for solar projects in Africa.