IFC’s innovative solutions rally solar investors worldwide to meet the climate challenge.
Our Scaling Solar initiative provides a full set of World Bank Group services—advice, finance, insurance, and risk management—to help attract private sector bids. Its first auction, held in May 2016 in Zambia, led to some of the world’s lowest-priced solar power to date. The program is reducing risks for investors and cutting costs for customers through competition and simplified procurement.
We’ve also financed the Middle East’s largest private sector-led solar initiative: a $207.5 million debt package funding construction of seven new plants totaling 102 MW in Jordan. The key: a specialized program we offered all sponsors, simplifying processes, reducing time, and cutting transaction costs.
These solutions at scale have a demonstration effect.
They pave the way for others to follow.
Over the past decade, IFC has invested more than $3 billion in renewable energy, including more than 70 solar power projects generating nearly 2 GW in emerging markets.