GEF and IFC have created a USD 30 million fund for PV business development.

The Global Environment Facility (GEF) and the International Finance Corporation (IFC), the private sector arm of the Word Bank, launched a new 'Solar Development Capital' (SDC) initiative in April. The ten year, USD 30 million private equity fund will focus on providing capital to companies that distribute PV products or services in unelectrified rural areas in developing nations. GEF support will enable most of these companies to provide customer leasing or credit to overcome the high initial expense of PV systems. One of the project's main objectives, however, is to highlight how the renewables sector can be a profitable investment for private sector firms, and that future investments do not need public sector subsidies.

Information:

• Hutton Archer at the World Bank
  Fax: +1 202 458 7117
  Web World Bank: http://www.worldbank.org
  Web Global Environment Facility: http://www.gefweb.org

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