The ISA highlighted that the GSF is expressly designed to provide investors with the confidence to take up projects in Africa and to enable $10 billion in investments, which will further clean energy access in 35–40 million African households by 2030 and benefit around 200 million people in the region.

Despite its vast solar potential, Africa possesses only 1.3 per cent of the world’s installed solar capacity, 11.4 gigawatts (GW) out of 849 GW in 2021.

With nearly 600 million people in Africa lacking access to electricity, there exists a compelling case for distributed solar power projects. Following the approval and launch of GSF at COP27, the ISA Secretariat has been conducting discussions with potential investors including member countries, development finance institutions, pension funds, and potential investment managers from across the world.

The ISA has signed memorandum of understanding (MoUs) with Multi-Lateral Investment Guarantee Fund (MIGA), Africa 50, West African Development Bank (BOAD) for facilitating investments through the GSF in Africa.