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Detail of GEF Project #112
| GEF Project ID | 112 |
| IBRD PO ID | 502223 |
| Funding Source | GEF Trust Fund |
| Project Name | Photovoltaic Market Transformation Initiative (IFC) |
| Country | Global |
| Region | Global |
| Focal Area | Climate Change |
| Operational Program | 6 |
| PDF-A Approval Date | 1995-12-23 |
| PDF-B Approval Date | 1996-10-01 |
| Approval Date | 1996-10-01 |
| CEO Endorsement Date | 1998-06-17 |
| GEF Agency Approval Date | 1998-06-23 |
| Project Completion Date | 2010-06-23 |
| Project Status | Project Completion |
| Executing Agency | IFC |
| Executing Agency | IFC |
| Description | PVMTI is a strategic intervention to accelerate the sustainable commercialization and financial viability of PV technology in the developing world, especially for rural electrification. PVMTI will make selected investments in private sector PV market development projects received in response to a competitive solicitation, providing them with appropriately structured concessional financing in the range of $0.5-5 million. Additional co-financing of $60-90 million by project sponsors and other sources (including commercial banks) is expected to result in total project investment of $85-115 million. The project will be administered by the IFC through an external management agent. Projects will be selected based on their strategic impact in overcoming the barriers and transforming the PV market in a manner consistent with GEF policy and the objectives of Operational Program #6. In terms of reducing and overcoming barriers to building PV markets, the private sector is considered the best agent to catalyze investment and business activity, and PVMTI’s solicitation and selection approach provides a competitive element that is expected to maximize financial leverage and deliver sustainable and replicable near-commercial projects by providing successful and replicable examples of good business and technical practices |
| Implementation Status | As of August 2004, twelve projects have been approved by the Investment Review Committee. These represent a total fund commitment of US$20.3 million, and total project outlays of about US$70 million. PVMTI is also seeking to restructure some of its investments where either a different focus is needed, or where market conditions require more time for disbursements. The projects approved to date focus on facilitating development of a sales/service and financing infrastructure for solar home systems and other solar PV products. The program is under active implementation and has received an extension of 2 years from the GEF. |
| PDF A Amount | 50,000 USD |
| PDF B Amount | 325,000 USD |
| GEF Project Grant | 30,000,000 USD |
| GEF Grant | 30,375,000 USD |
| Cofinancing Total | 90,000,000 USD |
| Project Cost | 120,375,000 USD |
| GEF Project (CEO Endo.) | 30,000,000 USD |
| Cofinancing Total (CEO Endo.) | 90,000,000 USD |
| Project Cost (CEO Endo.) | 120,375,000 USD |
| Project Documents |
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