IRENA and the Terrawatt Initiative Launch Effort to Boost Global Solar Development

The new Solar Energy Standardisation Initiative aims to harmonise solar project documentation & procedures 

Munich, Germany, 21 June 2016 – Leaders in energy, finance and law will collaborate to scale up solar energy under a new initiative officially launched today on the margins of InterSolar Europe. 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.

Country commitments submitted under the Paris Agreement entail roughly USD 1.2 trillion in solar energy investment by 2030. To reach this target, governments must implement efficient regulatory schemes that enable massive development of solar projects – with minimal risk – and allow private investors to enter the market at scale. There is also a need to reduce transaction costs so solar power can penetrate more markets across the globe.