IFC to Help Kyrgyzstan Develop Renewable Projects Through PPP Model
- Concerning 100-150 MW of grid-connected solar energy will be attached through the partnership.
- IFC will certainly advise Ministry of Energy and the Ministry of Economy and Commerce, Kyrgyzstan, on structuring a public-private partnership (PPP) to mobilize economic sector experience and capital to construct and run a pilot solar plant.
The International Finance Corporation (IFC)-- a key agency of World Bank-- has partnered with the Kyrgyzstan government under the World Bank Group's Scaling Solar program to develop as much as 100-150 MW of grid-connected solar energy. IFC stated that this will help Kyrgyzstan to diversify its energy mix and also increase its renewable power capacity.
IFC will certainly advise Ministry of Energy and the Ministry of Economy and also Commerce, Kyrgyzstan, on structuring a public-private partnership (PPP) to mobilize private sector experience and capital to construct and also run a pilot solar plant. The project will certainly be structured under the WBG Scaling Solar program that helps governments acquire and develop independently funded solar projects.
Taalaibek Ibraev, Minister of Energy, said concerning the IFC partnership, "The project will bring private financial investment to develop solar photovoltaic or pv plants that will not just boost the supply, however also develop a transparent mechanism to attract even more economic sector investment in the nation, which could be efficiently replicated in other fields."
Kyrgyzstan has actually an approximated solar power potential of 650 GW as well as the government is favorable regarding renewable energy sector to accomplish its climate action goals. IFC has not divulged the specific capacity of the solar projects that will certainly be developed through this partnership.
" Increase the country's energy production capacity in a sustainable and also cost-efficient manner is essential to increasing economic growth and also enhancing living standards in the Kyrgyz Republic," said Muneer Ferozie, IFC Regional Manager.
As an advisor, IFC helps governments all over the world conduct detailed project research studies, assess structuring alternatives that finest fulfill public requirements and are appealing for investors. IFC assists governments in running an open and also affordable tender to identify a qualified private partner.
The initiative belongs to a broader IFC efforts to support private sector advancement in the Kyrgyz Republic and drive economic growth in the Kyrgyz Republic.
The World Bank Program
The Scaling Solar program has been a strong success as well as supplied competitive tariffs. Uzbekistan, Senegal, as well as Zambia have currently efficiently commissioned plants under Scaling Solar, and also much more projects go to various stage of development in a variety of countries, consisting of Côte d'Ivoire, Niger, as well as Togo.
Worldwide, in 2021, IFC delivered 32 per cent in own-account climate finance and also mobilized $3.6 billion for climate and developing know-how in key climate markets consisting of solar, hydropower, wind, energy storage, green structures, and also waste-to-energy.
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