Photovoltaic Market Transformation Initiative (IFC)

Project Summary

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

Project Details

GEF Project ID
Project Type
Full-size Project
Focal Areas
Funding Source
GEF Trust Fund
Implementing Agencies
The World Bank
Executing Agencies
GEF Period:
GEF - 1
Approval Fiscal Year:


Project Preparation Grant Amount
375,000 USD
GEF Project Grant
30,000,000 USD
Co-financing Total
90,000,000 USD
GEF Agency Fees
Total Cost 120,375,000.00 USD

Project Timeline

Received by GEF
Preparation Grant Approved
23 Dec 1995
Concept Approved
01 Oct 1996
Project Approved for Implementation
17 Jun 1998
Project closed
23 Jun 2010