The ISA is the outcome of an idea Mr Modi presented at the United Nations Climate Change Conference in Paris in 2015 and envisages the involvement of 121 countries situated (fully or partially) between the Tropics of Cancer and Capricorn - essentially Earth's "sunbelt".
"We are happy to work with ISA to mobilize additional investments to meet ISA's goals for the massive deployment of affordable solar energy".
The Bank and ISA will jointly support technical assistance and knowledge transfer for solar development and deployment in sun-shine rich African countries. He also revealed that ISA has to date secured 60 signatories and 30 parties already had ratified solar alliance. "This Sullivan County project will deliver energy savings to residents throughout the Mid-Hudson Valley region, while supporting the establishment of a cleaner, greener NY for all".
Susantono said: "ADB's energy policy commits $3bn per year by 2020 for promoting clean energy, including solar energy projects in its developing member countries".
Progress is clearly happening quickly: During 2017 alone, India doubled its installed solar capacity from 10 GW to 20 GW. Now 32 countries are full members and another 61 are on their way to full membership.
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India´s solar push is in part boosted by steadily dropping costs of providing solar energy. Many countries have begun to show strong support for solar due to its efficiency and its relatively low cost. Among the other developers that were awarded contracts are Cypress Creek Renewables, NextEra Energy (NYSE:NEE), and Hecate Energy. "Indeed, our Industrial Development Agency's innovative Community Distributed Generation Program has become a statewide model in how to encourage the growth of community solar while enhancing the tax base".
All of these issues have contributed to a slowdown in the pace at which solar projects are being commissioned in India, she said.
"This signing is an important milestone for the Bank in its efforts to lead the continent's transformation towards sustainable energy, through the use of solar technologies, and in its bid to reach universal access to energy in Africa".
"It´s worth acknowledging the Indian market and economy is still significantly smaller than China and it will be for some time to come", Buckley said. "It´s coming straight from the Prime Minister, and the energy minister and the coal minister are very much onboard", he said. "They did not wait and stop because some countries just made a decision to leave the floor and leave the Paris agreement". "It is India´s offering to the world".