Across Europe and Central Asia, IFC is building a market for renewable energy that will ultimately provide clean power for millions of people, slash greenhouse gas emissions and create hundreds of jobs.
In fiscal 2012, IFC invested $436 million in more than 20 companies to support climate-friendly development in the region. This fiscal year, IFC hopes to commit a similar total, using an approach that enables greater investment, helps banks expand access to finance, and provides advice to early market entrants.
A good example is IFC’s support for Credins Bank, one of Albania’s top commercial banks and an IFC investment client. IFC is training bank staff to evaluate renewable energy proposals and better understand the market.
“The partnership with IFC will help us take a leadership role in combating climate change in Albania,” said Artan Santo, Credins Bank CEO. “We believe that the potential for development of sustainable energy finance in Albania is significant and aim to offer our services to companies that plan to go green.”
Other IFC renewable energy projects across Europe and Central Asia include:
Also in Albania, IFC is helping ENSO Hydro GmbH, an Austrian developer of small hydro-power plants and an IFC investment client, to register and benefit from Carbon Emission Reduction certificates.
In Serbia, IFC helped the government enact one the strongest regulatory frameworks for renewable energy in the region, looking to unlock at least 300 megawatts of wind power and support new small hydro and biomass projects.
In Bosnia, IFC advised the government on new regulations to boost renewable energy investment. “IFC’s advice has led to notable improvements in the renewable energy regulatory framework in Bosnia and Herzegovina and prepared the ground for sustainable investments for years to come,” said Erdal Trhulj, Bosnia’s Minister of Energy, Mining, and Industry.
In Russia, IFC helped the regional administration of Tomsk enact a public-private partnership law to boost investment in renewable energy projects, and is helping CJSC Nord Hydro build up to five small hydropower plants to provide electricity for up to 50,000 households.
In Ukraine, IFC streamlined procedures for getting connected to the electricity grid, enabling time and cost savings for producers of renewable energy.