Ethiopia to Receive $200m Renewable Energy Funds From WORLD Bank.
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Ethiopia is set to receive US $200m from World Bank for its Renewable Energy Guarantees Program (REGREP) aimed at supporting the country’s ongoing power sector reforms and leverage private sector financing for renewable energy generation.
Thank you for reading this post, don't forget to subscribe!Ethiopia has vast and largely unharnessed clean energy resources. It is one of the few countries in the world which generates almost all the electricity from renewable resources, mostly hydropower, which also makes it vulnerable to climate change.
REGREP is set to support diversification from hydropower and towards modern renewable – in solar and wind power. The program will also support the development of over 1,000 MW of greenfield solar and wind energy Independent Power Producer (IPP) projects in Ethiopia, including the World Bank Group Scaling Solar initiative.
Under the program, solar and wind energy plants with a combined capacity of 1,000MW will be developed throughout Ethiopia. It will foster structural transformation for growth by enhancing private sector financing of infrastructure projects; build resilience and inclusiveness by increasing supply of electricity sustainably and help to manage the impact of climate change through diversification of energy sources.
World Bank Group’s support to Ethiopia’s IPP program follows a sequenced approach under which financing and technical assistance for policy reforms have unlocked significant opportunities for private sector participation in the power sector.
The Energy Sector Management Assistance Program (ESMAP) provided support in terms of resource mapping and validation, as well as technical studies to identify areas for wind development.
