Renewables

MIGA and ISA launch the MIGA-ISA Solar facility to enhance solar energy access with concessional financing, focusing on Sub-Saharan Africa. (Image source: Adobe Stock)

The Multilateral Investment Guarantee Agency (MIGA), a part of the World Bank Group, and the International Solar Alliance (ISA) have unveiled the MIGA-ISA Solar Facility, a multi-donor trust fund

This initiative, supported by the Indian government, aims to broaden global access to renewable energy.

The facility will integrate ISA’s technical expertise with MIGA’s financial mobilisation capabilities, creating an innovative approach to boost global solar energy adoption. It will provide concessional financing, including first-loss instruments and reinsurance, to enhance project viability and reduce the cost of MIGA guarantees. Additionally, MIGA and ISA will collaborate on launching new solar and distributed energy projects in eligible developing nations, with an initial focus on Sub-Saharan Africa and plans for worldwide expansion. This effort is part of a broader initiative supported by the World Bank Group and the African Development Bank to deliver 300 million new electricity connections in Sub-Saharan Africa by 2030.

Administered by MIGA, the facility will scale up guarantee issuances and attract private investment for solar and distributed energy projects, offering affordable risk mitigation solutions to support growth in ISA member countries. ISA has committed US$2mn in seed funding with a target to raise US$10mn for the facility, which is the inaugural program under ISA’s Global Solar Facility (GSF) aimed at raising US$200mn for African projects.

“MIGA is delighted to host the MIGA-ISA Solar Facility and support Sub-Saharan Africa in accessing reliable and clean electricity,” said Hiroshi Matano, MIGA executive vice- president. “The facility will attract private investment by providing risk mitigation and concessional financing, helping to lower costs and close the energy gap in underserved regions.”

To kickstart the facility, MIGA and ISA have already initiated a solar project in the Democratic Republic of Congo. This project is expected to cut operating costs by around 20%, leading to reduced tariffs for customers.

“ISA is excited to collaborate with MIGA on the facility to provide cost-effective guarantee solutions for decentralized solar projects in Africa,” said Ajay Mathur, ISA director general. “This is an important milestone in the roll out of ISA’s GSF. We look forward to delivering clean energy through this program to impact the lives of millions of Africans who remain off-grid to date.”

With approximately 675 million people lacking electricity access, and an anticipated 660 million remaining without power by 2030, the World Bank Group and African Development Bank are collaborating on a major effort to provide electricity to at least 300 million people in Africa by 2030.

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