World Bank grants $7.6m for renewable energy in Nepal

Posted at February 14, 2019 » By : » Categories : News » Comments Off on World Bank grants $7.6m for renewable energy in Nepal

The World Bank has approved two grants totalling $7.6 million (£5.9m) to support the renewable energy industry in Nepal.

The Strategic Climate Fund (SCF) is backing a mini grid energy access project, which hopes to address the barriers to private sector participation in the mini grid sector for renewables – they will be able to provide power services to rural areas as ‘energy service companies’ or ESCOs.

These specialised ESCOs will be able to develop, build, own and operate renewable mini grids in the country.

Faris Hadad-Zervos, World Bank Country Manager for Nepal said: “This project will tap into the vast business opportunities and technical potential for the private sector to provide more efficient and sustainable energy services in Nepal.

“It is directly linked to the Government of Nepal’s effort for greater private sector management and commercial financing through public-private partnerships and the World Bank’s mission of maximising all financial opportunities for development.”

The project aims to improve the overall energy supply in Nepal by promoting renewable energy solutions.

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