In an effort to increase funding for solar power projects, India has signed the Host Country Agreement with International Solar Alliance (ISA) and the Ministry of External Affairs (MEA)
Under this agreement, ISA will enjoy such privileges, applicable tax concessions and immunities as are necessary for ISA’s Headquarter to independently discharge its function and programmes.
With the signing of the agreement, the ISA has become a juridical personality and empowered to contract, to acquire and dispose off movable and immovable properties, to institute and defend legal proceedings, a Ministry of New and Renewable Energy statement said.
ISA shall be deriving its status, privileges and immunities as per Article 10 of Framework Agreement. The Framework Agreement which came into effect in December 2017, made ISA the first international intergovernmental treaty based organisation to be headquartered in India.
The agreement was signed by Minister of State for External Affairs V.K. Singh and ISA Interim Director General Mr Upendra Tripathy in the presence of Power Minister RK Singh.
Congratulating the signatories, the Power Minster said ISA has potential to change developmental paradigm in the world. He said that energy will now be available to less developed tropical countries at affordable rates and in an easily deployable manner.
Mr V.K. Singh also congratulated ISA and stated that ISA has an onerous task at hand to mobilise over US $ 1000 billion of investment into the Solar Sector and deploying over 1000 GW of Solar capacity. He also stated that ISA need to firm up financial partnership deals with more multilateral and bilateral donor agencies in order to meet its stated objectives.
The International Solar Alliance is an initiative jointly launched by the Prime Minister of India and President of France on 30th November 2015 at Paris, in the presence of the Secretary General of the UN, on the side lines of COP21 UN Climate Change Conference.
The main objective of ISA is to undertake joint efforts required to reduce the cost of finance and the cost of technology, mobilise more than US $ 1000 billion of investments needed by 2030 for massive deployment of solar energy, and pave the way for future technologies adapted to the needs of 121 countries lying fully or partially between the Tropics.