A $1 billion guarantee could crowd in up to $15 billion of investments for 20 gigawatts (GW) of solar PV capacity in more than 20 countries, says a study by Common Risk Mitigation Mechanism.
The CRMM is a multilateral market platform, which received initial support from 17 countries with high solar potential, including India, France, Australia, Mali, Namibia, and Nigeria. The was study released on Monday at the India Pavilion at the COP23 climate negotiations in Bonn, according to an officials statement here on Tuesday.
It outlines the 20 GW plan as a pilot phase with its eventual aim to leverage billions of dollars of impact capital to catalyse $1 trillion of domestic and international private institutional capital, and transform global renewable energy markets.
If successful, the CRMM could help build over 1 terrawatt (TW), or 1000 GW, of solar power generation capacity in low and middle-income countries by 2030, it said.
A multi-stakeholder Taskforce comprising the Council on Energy, Environment and Water (CEEW), the Confederation of Indian Industry (CII), the Currency Exchange Fund (TCX), and the Terrawatt Initiative (TWI) designed the feasibility study on the request of 17 signatory countries of the International Solar Alliance.