RP May Avail of WB's Facility for Renewable Energy Projects; Funds for Developing Countries

Article excerpt

The country, which is at the height of promoting the development of renewable energy sources, may avail of the World Bank (WB) equity fund intended for investments in renewable energy and energy efficiency projects to be extended to developing countries.

The Bank, through its financing arm, the International Finance Corporation (IFC) as the lead investor, earlier launched the Renewable Energy and Energy Efficiency Fund (REEF), its first global equity fund, for the promotion of cleaner and moreenvironment friendly fuel for generation of power in grid-connected and off-grid areas.

It would be noted that several private entities have been showing interest to help the government in its resolve to promote the use and utilization of renewable energy.

The fund could be secured by private investors who want to engage in the development of renewable energy sources, such as small-scale hydroelectric plants, geothermal power plants, biomass-fueled power plants or cogeneration units, and wind farms.

In putting up the Fund, IFC said its mission is to promote private sector investments in developing countries for environmentally friendly energy technologies. …