Posted by: africanpressorganization | 10 December 2009

World Bank / Over $5.5 billion in New Investment for Clean Energy Technology in the Middle East and North Africa Region

 

 


 

 

World Bank / Over $5.5 billion in New Investment for Clean Energy Technology in the Middle East and North Africa Region

 

 

WASHINGTON, December 10, 2009/African Press Organization (APO)/ — The Clean Technology Fund (CTF) approved
financing of $750 million on December 2, 2009, which will mobilize an
additional $4.85 billion from other sources, to accelerate global deployment of
Concentrated Solar Power (CSP).  It will do so by investing in the CSP programs
of five countries in the Middle East and North Africa: Algeria, Egypt, Jordan,
Morocco, and Tunisia.  The CTF is a multi-donor trust fund to facilitate
deployment of low-carbon technologies at scale.   Specifically, the CTF
approved an investment plan which will:  

” Enable MENA to contribute the benefit of its unique geography to global
climate change mitigation — no other region has such a favorable combination
of physical and market advantages for CSP;
” Support the deployment of about 1 gigawatt of CSP generation capacity,
amounting to a tripling of worldwide CSP capacity;
” Support associated transmission infrastructure in the Maghreb and Mashreq for
domestic supply and exports, as part of Mediterranean grid enhancement.  This
will enable the scale up of CSP through market integration in the region;
” Leverage public and private investments for CSP power plants, thereby almost
tripling current global investments in CSP; and
” Support MENA countries to achieve their development goals of energy security,
industrial growth and diversification, and regional integration

The proposed gigawatt-scale deployment through 11 commercial-scale power plants
over a 3-5 year time-frame would provide the critical mass of investments
necessary to attract significant private sector interest, benefit from
economies of scale to reduce cost, result in learning in diverse operating
conditions, and manage risk.

Shamshad Akhtar, World Bank Regional Vice President of the Middle East and
North Africa, said This is a most strategic and significant initiative for
MENA countries.  The initiative would leverage energy diversification, while
promoting Euro-Mediterranean integration to the benefit of MENA countries that
will be able to exploit one of the major untapped sources of energy.  This
endeavor is far-reaching with global objectives, implications, and potential
impact. It will facilitate faster and greater diffusion of this technology in
this region which holds significant potential for CSP”.

Potential for Green House Gas (GHG) reduction: The proposed projects will avoid
about 1.7 million tons of carbon dioxide per year from the energy sectors of
the countries. If the program is successful and replicated, the global benefits
will be far larger. The transformational objective of this investment plan is
served by accelerating cost reduction for a technology that could become
least-cost globally, and then be replicated in other countries with high GHG
emissions.

Expected Results from the Investment plan:  The results indicators for the
investment plan are:
ᄃ GHG reductions of at least 1.7 million tons of CO2-equivalent per year.
ᄃ Approximately 900 MW of installed CSP capacity by 2020.
ᄃ $4.85 billion of co-financing mobilized, including sufficient concessional
financing to ensure viability of CSP plants.
ᄃ Cost of typical solar field in US$ per m2 is expected to decline over the
life of the program.

Contact:
In Washington: Najat Yamouri
202-458-1340
nyamouri@worldbank.org

 

SOURCE 

The World Bank


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