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Tuesday, July 03, 2007

Norway's REEEP Fund financing clean power in Africa, Brazil, China and India

Visit Renewable Energy and Energy Efficiency Partnership - for further information.

The Renewable Energy and Energy Efficiency Partnership (REEEP) today announced it will fund thirty-five new projects. The funding round, REEEP’s sixth, is the largest in its four year history.

Vienna, June 27, 2007

The Renewable Energy and Energy Efficiency Partnership (REEEP) today announced it will fund thirty-five new projects. The funding round, REEEP’s sixth, is the largest in its four year history. “The REEEP portfolio is moving beyond a collection of good projects to being more strategic. We have started the replication and scale-up of successful projects in the past and have also started commissioning specific projects,” stated Morgan Bazilian, REEEP Programme Board Chair. “We are also pleased to be working closely with the governments of Argentina, Ecuador and Uganda as they formulate national renewable energy policy and legislation.”

The increased funding was driven by new donor contributions in March when the Norwegian government announced a three-year pledge of EUR 3.7 million. Norway joined the United Kingdom, Ireland, Italy and New Zealand as a project donor government. Norwegian funding is focused on supporting several projects in Brazil, China and India. One is developing a financial mechanism to stimulate energy efficiency in buildings, and another will develop a national action plan for rural biomass. Norwegian funding will also establish a renewable energy fund in West Africa and promote biomass gasifiers in India.

“We need to do what we can to ensure that developing countries make a technological leap forward, bypassing polluting technologies and increasing the share of renewable and clean energy sources,” stated Norwegian Minister of International Development Eric Solheim.

In Africa, solar water heating is rising up the agenda as a demand side management strategy. Three projects are supporting the development of solar water heating markets – in Morocco, South Africa, Tunisia and Uganda. In Uganda alone one study has shown that 41MW could be saved by installing 65,000 solar water heaters in urban areas. Additionally, REEEP and the World Bank will be holding a Development Marketplace competition for LED lighting across Sub-Saharan Africa to replace fossil-fuel lighting.

Energy efficiency remains a REEEP priority with 44% of the total projects funded covering energy efficiency. A successful street lighting ESCO project financed previously will be replicated in other Indian states. Credit risk guarantees will be developed for the Mexican ESCO market and a feasibility study will look at the role of ESCO’s in financing biogas plants at livestock farms in China.

Kyoto mechanisms and the Clean Development Mechanism continue to be promoted by the Partnership. The Gold Standard will receive funding to train CDM experts in Brazil, India, China and South Africa. Meanwhile the London Olympic Committee will work with REEEP on a CDM project which will source emission reductions from renewable energy projects in China to green the 2012 London Olympics.

“The projects we’re backing are delivering replicable models for renewable and energy efficient development. Our partnership of governments, NGOs and businesses is helping to establish a stable global marketplace for clean energy,” explained Dr. Marianne Osterkorn, International Director of REEEP.

For the first time REEEP is directly commissioning projects in addition to selecting projects via public tender. Two of the commissioned projects include plans to develop a global status report on energy efficiency and development and establishment of a risk mitigation mechanism for renewable energy and energy efficiency investments in India. REEEP’s project portfolio serves to underpin its overall work programme and contributes towards the REEEP mission and objectives.

For more information contact:

Binu Parthan, Deputy Director - Programme Coordination:
Peter Richards, Communications Director:
Vienna International Secretariat: + 43 1 26026 3425

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