"We have to increase the share of solar in the energy mix", Mr. Modi said.
As India takes the initiative to create a global solar industry alliance, investments in the solar energy sector in the country rose to over $10 billion in 2017.
The Bank and ISA will jointly support technical assistance and knowledge transfer for solar development and deployment in sun-shine rich African countries.
Now comes the news that the French government will be committing €700 million in investment to this alliance.
India aims for renewable energy to make up 40 percent of installed power capacity by 2030, compared with 18.2 percent at the end of 2017, and the ministry of new and renewable energy said in January it was looking to address issues facing solar companies.
The International Solar Alliance initiative came into life during the UN Climate Change Conference in Paris in November 2015. 32 of the 60-member countries who have joined the alliance are from Africa.More news: Oprah Winfrey Responds To Trump's Insults In The Best Way Possible
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Modi told the summit that India's $1.4-billion pledge would be used to support 27 new projects in 15 developing nations. The largest project acquisition deals included the $600 million acquisition of Hindustan Power Projects' 330 MW solar portfolio by the Macquarie Group and the $300 million acquisition of First Solar's 190 MW project portfolio by IDFC Alternatives. BNB and financial company Orix USA will own the system, which is being financed through Public Service Electric & Gas Co.'s solar loan program.
These solar projects will power infrastructure including health centres, high schools, street-lighting and drinking water supply in the countries.
"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", said Amadou Hott, Vice President, Power, Energy, Climate and Green Growth at the African Development Bank.
According to the head of Solar Ventures, market parity is achieved solar energy despite the "countless subsidies to fossil fuels". "The private sector can provide the money, it's government getting obstacles out of the way that counts", he says.
Reuters also reported in January that solar modules worth more than $150 million were stuck at various Indian ports due to a dispute over their classification and the import tax applicable to them.