Solar group signs $5B finance deal

abu dhabi — The International Solar Alliance (ISA) has signed letters of intent for $5 billion worth of financing and the initiation of development of nine solar projects across five countries.

The ISA signed the financing commitment by Yes Bank, India’s fifth largest private sector bank and leader in renewable energy financing, on Wednesday on the fourth day of the Abu Dhabi Sustainability Week.

It also announced the signing of nine solar projects across five ISA member countries, including the UAE, Saudi Arabia, Nigeria, India and Spain. The eight companies involved in the deals include, Vyonarc Development, Waree Engineers, Gensol Group, Solarig, Shakti Pump, Refex Energy, Amplus Solar and Zodiac Energy.

In another development, Masdar announced the outcomes from its Renewable Energy Desalination Pilot Programme in Ghantoot, which shows that solar energy powered desalination is commercially viable in Abu Dhabi. Masdar commissioned five pilot projects during the programme to explore the feasibility of using renewable energy to power seawater desalination.

The outcomes of the pilot projects revealed that solar energydriven seawater desalination using reverse osmosis technologies offers a commercially attractive, low-cost and sustainable longterm solution for seawater desalination in the Gulf. The report also revealed that energy efficiency improvements of up to 75 per cent were achieved through the programme compared with existing technologies employed in the UAE.