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India, 12 other nations take a step ahead for implementing ISA objectives

India, 12 other nations take a step ahead for implementing ISA objectives

New Delhi, May 19 (UNI) In a major step to implement the Paris Declaration of the International Solar Alliance, 13 countries, including India, today jointly supported commissioning of a study to define and structure a Common Risk Mitigation Mechanism (CRMM) for solar power generation projects in solar rich countries These countries are Argentina, Burkina-Faso, Chad, France, Ivory Coast, Mali, Namibia, Niger, Nigeria, Sénégal, Uganda and Yemen. The Declaration of the International Solar Alliance (ISA) was adopted on November 30, 2015 at Paris during the climate change conference. This instrument will dramatically lower the cost of finance for renewable energy and the overall price of electricity. Today, the cost of capital represents a substantial amount of the final costs of renewable energy, in particular solar PV. The Council on Energy, Environment and Water calculates that in India it represents 70 per cent of the total cost of solar power. The proposed CRMM will offer a simple and affordable tool that will create a secure environment for private institutional investment in solar assets. The instrument will help diversify and pool risks on mutualised public resources and unlock significant investments. More UNI NAZ RJ SNU 2246

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