IFC investments in renewables focus primarily on solar and wind technologies. IFC has been involved in financing solar photovoltaic (PV) technology since 1989. In recent years the global PV market has experienced rapid growth due to improving technologies, and to the addition of governmental policy responses to encourage innovation in this field. Today, PV production represents the world’s fastest-growing energy technology, with 60 percent growth in 2007 alone.
Our objective is to encourage an industry-wide shift to production in emerging market countries by selectrively investing in PV projects. From an industry perspective, this shift will help accelerate cost reductions and achieve grid parity, with a goal of enabling solar PV to become a competitive source of renewable energy—and making solar PV affordable for the world’s poor, who lack access to electricity.
From a development perspective, the growth of the renewables industry in emerging markets will create jobs and help establish these markets as centers for innovation and new green industry opportunities.
