Sustainable Energy Financing

Project Summary

The development objective is to improve income and living conditions of rural households, enable income earning activities, and contribute to micro and small enterprise development by removing financial barriers for the target group to provide access to modern energy services.The project's direct objective is to significantly increase the adoption and use of renewable energy technologies and energy efficiency measures in participating Pacific Island state by providing a package of incentives to encourage local financial institutions to participate in sustainable energy financing of equipment purchases. Its global environmental objective is to contribute to mitigating climate change through the reduction of greenhouse gas emissions, in line with the objectives of the United Nations Framework Convention on Climate Change.

Project Details

GEF Project ID
2944
Project Type
Full-size Project
Status
Completed
Country
Regional
Region
Focal Areas
Funding Source
GEF Trust Fund
Implementing Agencies
The World Bank
Executing Agencies
Fiji Ministry of Works and Energy (MWE); Fiji Electricity Authority (FEA); PNG Sustainable Energy Ltd. (PNGSEL); Central Bank of the Solomon Islands (CBSI), participating commercial banks.
GEF Period:
GEF - 3
Approval Fiscal Year:
2007

Financials

Project Preparation Grant Amount
0 USD
GEF Project Grant
9,480,000 USD
Co-financing Total
48,985,131 USD
GEF Agency Fees
853,200 USD
Total Cost 58,465,131.00 USD

Project Timeline

Received by GEF
14 Oct 2005
Concept Approved
12 Jun 2006
Project Approved for Implementation
18 May 2007
Project closed
31 Dec 2017