The Global Energy Alliance for People and Planet (GEAPP) on Tuesday signed a Multi-Donor Trust Fund with International Solar Alliance aiming to mobilize $100 million to fund high-impact solar energy projects.
Additionally, the alliance, in its attempt to accelerate the country’s clean energy transition, also announced two other initiatives – Digitalization of Utilities for Energy Transition (DUET) and Energy Transitions Innovation Challenge (ENTICE 2.0). “Together, these initiatives bridge financing gaps, enhance institutional capacity and foster cost-efficient scalable solutions to support India’s clean energy transition,” it said.
ISA will drive the overarching vision and strategic direction of the program, ensuring that solar energy initiatives meet the needs of its member countries. GEAPP, through its Project Management Unit, will support ISA by providing governance oversight, facilitating fundraising efforts, and leveraging its expertise in energy transition planning, financing, and project implementation.
“Since we announced the creation of the Global Energy Alliance for People and Planet in 2021, the alliance has invested and committed $464 million to 130 projects in 40 countries,” said Rajiv J. Shah, President of The Rockefeller Foundation. “Globally, these projects have laid a path to mobilize over $6.1 billion in capital to bring new or improved energy access to over 50 million people and businesses reduce or avert 43 million tons of carbon dioxide emissions to enhance the livelihoods of more than 2 million people,” he added.
He noted that while India has extended electricity access to over 800 million people since 2001, it still needs to reach the nearly 2.5% of households that remain unelectrified. “Distributed renewable energy will be key to those efforts,” he said.
The Delhi Electricity Regulatory Commission approved India’s first commercial standalone BESS project in June. The project is a partnership between GEAPP, IndiGrid, and B-S-E-S Rajdhani Power Limited.
“GEAPP provided a concessional loan for 70% of the total project cost. As a result, the new installation is expected to be online in early 2025,” Shah said. “That would make it the fastest-implemented BESS project yet. It will provide 24/7 reliable power for over 12,000 low-income customers at an annual tariff rate 55% lower than the previous benchmark.”
The government estimates 47 GW of battery energy storage systems by 2032.
“This agreement marks an exciting step in our ongoing collaboration with GEAPP to accelerate the clean energy transition. By aligning our efforts through partnership, we are better positioned to deliver sustainable and impactful solutions to countries seeking to scale solar energy,” said Ajay Mathur, Director General, ISA. “GEAPP’s expertise will help grow the Multi-Donor Trust Fund (MDTF) into a powerful tool to deliver renewable energy access in our Member Countries and support the realization of their climate and energy goals,” he added.
DUET is a program focused on the digitalization of grid systems through the development of a technology suite in which all grid assets are digitally captured and integrated with live smart sensors for real-time data.
The system will conduct load flow analysis and real-time tracking of voltage, current, and phase data to reduce transmission and distribution losses. “It will also assist in BESS deployment and DRE integration into the grid,” GEAPP said.
Launched in 2023, ENTICE aims to help scale innovations for the energy transition by facilitating access to funding, market linkages and mentorship.
“At GEAPP, we believe that the path to a sustainable and inclusive future lies in accelerating the transition to renewable energy, particularly in emerging markets that are poised to drive global change. The signing of the MDTF with ISA highlights the critical role of strategic alliances in mobilizing resources to accelerate clean energy adoption,” said Woochong Um, CEO of GEAPP.