France, Netherlands, Uk Commit US$350m to Emerging Solar and Storage
Friday, September 27, 2019
By Alice Grundy
A handful of European states have moved to bankroll various World Bank clean energy initiatives, with US$100 million of French and Dutch money set to back PV in Sub-Saharan Africa.
The funding – US$44 million from the Dutch government and US$55 million from France – feeds into the Solar Risk Mitigation Initiative (SRMI).
SRMI was launched at COP24 by the World Bank, Agence Française de Développement (AFD) – France’s public financial institution tasked with the implementation of government policy – and the International Renewable Energy Agency (IRENA).
Funding from the Netherlands goes specifically into the Regional Off-Grid Electrification Project in the Sahel, with an aim of using standalone solar systems to increase access to electricity for households, businesses and public institutions,
The US$55 million pledged by France is set to provide private investors with guarantees for smaller solar projects through the Africa Trade Insurance Agency, with the intention of supporting countries to deploy privately financed solar projects quickly and efficiently.
Photo courtesy of Christopher Herwig.