This feasibility report on the Common Risk Mitigation Facility (“CRMM”) (the Study) has been driven by governments of seventeen (17) nations with strong solar potential – Argentina, Australia, Brazil, Burkina Faso, Cameroon, Ivory Coast, India, France, Mali, Namibia, Niger, Nigeria, Senegal, Seychelles, Chad and Yemen – as a way for scaling investments in solar power generation in their countries and in other developing countries. In May 2017, these nations mandated a multi-stakeholder task force consisting of the Terrawatt Initiative, The Currency Exchange Fund (TCX), the World Bank Group, the Council on Energy, Environment and Water (CEEW), and the Confederation of Indian Industry, (the “Task Force”) to conduct a study on the feasibility of implementing CRMM, including broad based consultation with relevant stakeholders (see Annex 1 : Draft Concept note.).
The main objectives were stated in this extract taken from the Office Memorandum:
The study is in line with the framework of the International Solar Alliance (ISA); and specifically addresses its mandate to aggregate and harmonize frameworks for investment.1 In particular, this study aims to operationalise ISA’s programme for “Affordable Finance at Scale” initiated by both India and France. This is open to all nations on a voluntary basis, and as part of this initiative, participating countries propose to2:
§ Share and aggregate their financing needs for solar production assets through a common platform;
§ Harmonize their contractual and regulatory frameworks to adopt best international practices to the extent necessary for attracting investments;