The World Bank announced last week that its Board of Executive Directors approved the Second Energy Sector Project, which will help strengthen Mongolia’s electric grid and develop a 10MW installation within the country.
With United Nations sanctions lifted on Iran in spring 2016, the solar industry was just one of many that pondered the risks of entering this previously restricted market. Just a year later and the Middle Eastern giant can already boast its first two large-scale solar plants, with the project rights developed by local firm Aftab Mad Rah Abrisham, but delivered and wholly funded by German PV specialist Athos Solar.
Whilst African solar is still firmly an emerging market, investors have confirmed that issues remain with development finance, insofar as it is holding back the market from truly taking off. Whilst development finance institutions (DFIs) are a crucial part of allowing the market to find its feet, the continent’s economic infrastructure needs to move beyond the realm of development finance for commercial financiers to be enticed.
Djibouti, Cote d’Ivoire, Somalia and Ghana have signed a framework agreement to join the International Solar Alliance (ISA), while Comoros is expected to sign and submit its ratification instrument today.
Emerging market project developer, owner and operator Access Power has announced the shortlist of winners for financing under its Access Co-Development Facility (ACF) fund, with solar forming the largest share of projects.