Rwanda and the Climate Investment Funds (http://www-cif.ClimateInvestmentFunds.org) are today celebrating the endorsement of that country’s renewable energy investment plans under the CIF’S dedicated fund for Scaling Up Renewable Energy in Low Income Countries Program. (SREP)
SREP funding of $50 million (USD) will help develop financially sustainable long-term markets for the private sector provision of off-grid electricity services in the East African country.
Rwanda is committed to providing electricity access to 70% of the population by 2018 – up from only 23% this year – through a wide range of renewable resources.
Senior SREP Coordinator Zhihong Zhang says, “Rwanda has a very ambitious target of electrification through both on-grid and off-grid solutions. SREP support will target the development of off-grid energy markets to help bring electricity to unserved communities in rural areas, create employment opportunities and generate income.”
“SREP funding can act as a catalyst,” he says, “and will help improve the enabling environment conditions to unlock and systematically scale-up private investments.”
“About 1.5 million Rwandans are expected to benefit from the SREP program,” he added.
Robert Nyamvumba, Director of the Energy Division from the Ministry of Infrastructure in Rwanda says, “This endorsement will help to unleash the potential of the private sector to provide off-grid energy solutions using renewable energy sources.”
“SREP funding will mean many Rwandans living in rural areas will have access to energy and improve their lives through development activities as well as create an enabling environment for businesses in the communities, he added.
About the Climate Investment Funds
The Climate Investment Funds (CIF) is providing 72 developing and middle income countries with urgently needed resources to mitigate and manage the challenges of climate change and reduce their greenhouse gas emissions. The CIF allocates financing through four funding windows:
The $796 million Scaling Up Renewable Energy in Low Income Countries Program (SREP) (climateinvestmentfunds.org/cif/srep) is helping to deploy renewable energy solutions for increased energy access and economic growth in the world’s poorest countries.
The $5.3 billion Clean Technology Fund (CTF) (climateinvestmentfunds.org/cif/node/2) provides middle-income countries with highly concessional resources to scale up the demonstration, deployment, and transfer of low carbon technologies in renewable energy, energy efficiency, and sustainable transport.
The $785 million Forest Investment Program (FIP) (climateinvestmentfunds.org/cif/Forest_Investment_Program) supports efforts of developing countries to reduce deforestation and forest degradation and promote sustainable forest management that leads to emissions’ reductions and enhancement of forest carbon stocks (REDD +).
The $1.2 billion Pilot Program for Climate Resilience (PPCR) (climateinvestmentfunds.org/cif/ppcr) is helping developing countries integrate climate resilience into development planning and offers additional funding to support public and private sector investments for implementation.
About Zhihong Zhang
Zhihong Zhang is Senior Program Coordinator at the Climate Investment Funds Administrative Unit, overseeing the Clean Technology Fund and the Program for Scaling up Renewable Energy in Low Income Countries.
Source: Climate Investment Funds