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15 December 2005 - The private sector arm of the World Bank Group has launched a $14m fund that will finance sustainable energy projects in Central America, Brazil, China and Southeast Asia.
The fund, launched by the International Finance Corporation, will be managed by E+Co, a public purpose investment company based in New Jersey, US, which specializes in the financing of small-scale energy projects in emerging markets.
Called Sustainable Energy Facility (SEF), the fund will use donor funds from the Global Environment Facility and leverage financing from other lenders.
E+Co is expected to commit 25 per cent of the fund for early stage investments and 75 per cent for more mature, later stage investments. IFC will grant E+Co an additional $2.6m for technical assistance to provide business development services to enterprises.
Philip LaRocco, E+Co's founder and executive director, said: "We expect to leverage additional funding and demonstrate the role small and medium businesses can have in delivering modern energy in developing countries."
SEF will finance three types of investments. First, grid connected renewable energy projects, including wind, biomass, run-of-river hydro, geothermal and solar less than 15 MW, with projects ranging from $1-2m/MW. Second, off-grid, distributed generation projects including solar home systems and small central stations. Third, energy service companies as they implement energy efficiency investments in areas such as industry, lighting and heating.
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