Renewable Energy and Energy Efficiency Fund (IFC)

Project Summary

The project will provide supplemental funding to a $150-210 million Fund being established by International Finance Corporation (IFC) and other investors. The Fund will make debt and equity investments in private sector projects in the renewable energy (RE) and energy efficiency (EE) sectors. The Fund will focus primarily on RE and EE projects or project portfolios in the $5-30 million range, a range which is often considered too small, too complex or too risky by institutional investors. The GEF funding will be used (1) to help overcome incremental costs and risks in the financing of individual projects through a co-financing facility capable of providing grants, equity, loans and guarantees to project sponsors (up to $24 million); (2) to pay the incremental costs associated with the higher-than-average fund management costs of identifying, analyzing and investing in a portfolio of RE/EE projects ($5-6 million); and (3) to cover IFC’s eligible funds for co-administering the GEF support (up to $1 million).

Project Details

GEF Project ID
667
Project Type
Full-size Project
Status
Cancelled
Country
Global
Region
Focal Areas
Funding Source
GEF Trust Fund
Implementing Agencies
The World Bank
Executing Agencies
Special Fund Management Company; IFC
GEF Period:
GEF - 1
Approval Fiscal Year:
1996

Financials

Project Preparation Grant Amount
0 USD
GEF Project Grant
30,000,000 USD
Co-financing Total
210,000,000 USD
GEF Agency Fees
0 USD
Total Cost 240,000,000.00 USD

Project Timeline

Project Cancelled
01 May 2006