MIGA And ISA Join Forces To Drive Solar Energy Expansion In Sub-Saharan Africa

The Multilateral Investment Guarantee Agency (MIGA), part of the World Bank Group, and the International Solar Alliance (ISA) have launched the MIGA-ISA Solar Facility, a multi-donor trust fund aimed at accelerating global solar energy adoption. Supported by India, the facility will focus on financing solar power projects in developing countries, particularly in Sub-Saharan Africa, with plans to expand globally.

The initiative combines ISA’s technical expertise and MIGA’s financial capabilities, offering concessional financing tools to make solar projects more bankable and affordable. The facility’s risk mitigation and reinsurance mechanisms are designed to attract private capital and reduce the cost of MIGA guarantees. Initially, ISA has committed $2 million in seed funding, with a goal to raise $10 million for the program. The broader Global Solar Facility (GSF) aims to mobilize $200 million to support solar projects in Africa.

In a joint effort, the facility has already launched its first solar project in the Democratic Republic of Congo, where MIGA guarantees are expected to lower operational costs by 20%, resulting in reduced tariffs for consumers. The partnership aligns with a larger goal to provide 300 million new electricity connections in Sub-Saharan Africa by 2030, addressing the energy gap in underserved regions.