The Clean Technology Fund will lend up to US$ 3.9 million for the new Zadarya solar power plant in the South Kazakhstan region, near the city of Shymkent, complimenting an EBRD loan in local currency, Kazakh tenge, of up to an equivalent of US$ 8.8 million, for the solar park project that will be implemented by a special purpose company, Kaz Green Tek Solar LLP, incorporated in Kazakhstan and majority owned by Urbasolar.
How a tangle of pipes, pumps, tanks, reactors, chimneys and ducts on a messy industrial estate outside the logging town of Squamish in western Canada could just provide the fix to stop the world tipping into runaway climate change and substitute dwindling supplies of conventional fuel.
The Government of India and the World Bank today signed a US$98 million Loan Agreement and US$2 million Grant Agreement to help India increase its power generation capacity through cleaner, renewable energy sources. Read More
The KaXu Solar One concentrated solar power project, in the Northern Cape, was on presented with a Momentum of Change award at COP23, this year’s UN Climate Change Conference, in Bonn, Germany. Read More
In 2008, as the urgency of global support for climate-smart development became increasingly apparent, donor and recipient countries established the Climate Investment Funds (CIF) through the multilateral development banks as a transitory financial mechanism to help provide an interim climate source of funding, pending the effectiveness of a new multilateral climate finance facility developed under the guidance of the United Nations Framework Convention on Climate Change (UNFCCC). This multilateral climate finance facility, now operationalized, is today known as the Green Climate Fund (GCF) and is becoming the central piece in channeling resources to climate change projects and programs across the developing world.
Global investment could hold the key to fighting climate change, with one trillion dollars already invested in solutions such as renewables and energy efficiency, says International Finance Corporation - Read the Full Story
World Bank Board of Executive Directors approves two grants totaling US$35 million for the Renewable Energy for All project, financed by a $19.62 million grant from the Scaling-up Renewable Energy Program (SREP); and the Modern Energy Services for All project, financed by a $15.65 million grant from the Clean Technology Fund (CTF).
Read the Press Release
South Africa's KaXu Solar One project is the first large-scale concentrated solar power plant with storage developed by the private sector operating in an emerging market. The project is also a first for the town of Pofadder in the Northern Cape Province, where the plant started operating in early 2015, moving South Africa towards a clean energy future that also has the potential to bring economic development, including the creation of 4,500 temporary and 80 permanent jobs.
About the Project
The plant uses parabolic mirrors to reflect and concentrate the sun’s rays to produce heat, which then generates steam that powers turbines and produces electricity. Energy storage allows the plant to produce firm, base-load electricity even when the sun is not shining, offering a remarkable low-carbon solution to a growing African economy.
South Africa is currently the 12th highest contributor to greenhouse gas emissions in the world because of its reliance on coal-driven power stations. This project supplies the equivalent of 80,000 homes with clean energy while offsetting 315,000 tonnes of carbon dioxide emissions a year, contributing towards South Africa's goal of generating up to 17,800 MW of renewable energy by 2030 to reduce its dependence on oil and natural gas resources.
Funding for KaXu was coordinated by the International Finance Corporation (IFC), a member of the World Bank Group, which provided direct financing of $143m for two CSP projects in SA — including KaXu Solar One — and the 50MW Khi Solar One project, the first solar tower plant on the continent. The Climate Investment Funds' Clean Technology Fund invested $42.5 million to support South Africa's sustainable energy acceleration program and to demonstrate different models of private sector participation in the energy sector.
Higher Ambition Key to Success in Building Resilience, ‘Bending Emissions Curve’ by 2020, Deputy Secretary-General Tells Climate Change Forum