New Initiative to Boost Solar Energy Development

A new global initiative to boost solar projects by making the financing and development process simpler has been launched.

The Solar Energy Standardisation Initiative, led by the International Renewable Energy Agency (IRENA) and the Terrawatt Initiative, aims to spur global solar development by standardising contracts to streamline the development and finance of solar projects. The initiative aims to create a common industry language across all the assets, contracts or markets that are needed to develop renewable energy projects. This can help increase investment to the levels required to achieve global sustainable development and climate goals.

The Initiative will bring together public and private sector stakeholders to define and agree on a standard template for solar project documents that are effective and acceptable by finance institutions. The first meeting of the Initiative was held on June 21st, on the sidelines of Intersolar Europe in Munich, with stakeholders including Agence Française de Développement, Chadbourne & Parks, CITI, the Climate Bonds Initiative, the European Bank for Reconstruction and Development, Eversheds, Gide Loyrette Nouel, Global Solar Power, Herbert Smiths Freehills, the Inter-American Development Bank, the International Finance Corporation, Norton Rose Fulbright, Simmons & Simmons, Trilegal, the United Nations Development Programme, and Watson Farley & Williams.

More details here.