Rwanda and the Climate Investment Funds are today, 12 November 2015, celebrating the endorsement of that country’s renewable energy investment plans under the CIF’S dedicated fund for Scaling Up Renewable Energy in Low Income Countries Program. (SREP)
SREP funding of $50 million (USD) will help develop financially sustainable long-term markets for the private sector provision of off-grid electricity services in the East African country.
Rwanda is committed to providing electricity access to 70% of the population by 2018 – up from only 23% this year – through a wide range of renewable resources.
“Rwanda has a very ambitious target of electrification through both on-grid and off-grid solutions. SREP support will target the development of off-grid energy markets to help bring electricity to unserved communities in rural areas, create employment opportunities and generate income,” says Zhihong Zhang Senior SREP Co-ordinator.
“SREP funding can act as a catalyst,” he says, “and will help improve the enabling environment conditions to unlock and systematically scale-up private investments.”
“About 1.5 million Rwandans are expected to benefit from the SREP program,” he adds.
“This endorsement will help to unleash the potential of the private sector to provide off-grid energy solutions using renewable energy sources,” says Robert Nyamvumba, Director of the Energy Division from the Ministry of Infrastructure in Rwanda
“SREP funding will mean many Rwandans living in rural areas will have access to energy and improve their lives through development activities as well as create an enabling environment for businesses in the communities,” he adds.