The International Finance Corporation (IFC) – a key agency of World Bank – has partnered with the Kyrgyzstan government under the World Bank Group’s Scaling Solar program to develop up to 100-150 MW of grid-connected solar power. IFC said that this will help Kyrgyzstan to diversify its energy mix and increase its renewable power capacity.
IFC will advise Ministry of Energy and the Ministry of Economy and Commerce, Kyrgyzstan, on structuring a public-private partnership (PPP) to mobilize private sector experience and capital to construct and operate a pilot solar plant. The project will be structured under the WBG Scaling Solar program that helps governments procure and develop privately funded solar projects.
Taalaibek Ibraev, Minister of Energy, said about the IFC partnership, “The project will bring private investment to develop solar photovoltaic plants that will not only improve the supply, but also create a transparent mechanism to attract more private sector investment in the country, which could be successfully replicated in other sectors.”
Kyrgyzstan has an estimated solar power potential of 650 GW and the government is bullish about renewable energy sector to achieve its climate action goals. IFC has not disclosed the exact capacity of the solar projects that will be developed through this partnership.
“Ramping up the country’s energy production capacity in a sustainable and cost-efficient manner is essential to boosting economic growth and improving living standards in the Kyrgyz Republic,” said Muneer Ferozie, IFC Regional Manager.
IFC – A Partner For Future
As an advisor, IFC helps governments around the world conduct detailed project studies, assess structuring options that best meet public needs and are attractive for investors. IFC assists governments in running an open and competitive tender to identify a qualified private partner.
The initiative is part of a broader IFC efforts to support private sector development in the Kyrgyz Republic and drive economic growth in the Kyrgyz Republic.
The World Bank Program
The Scaling Solar program has been a strong success and delivered competitive tariffs. Uzbekistan, Senegal, and Zambia have already successfully commissioned plants under Scaling Solar, and more projects are at different stage of development in a number of countries, including Côte d’Ivoire, Niger, and Togo.
Globally, in 2021, IFC delivered 32 per cent in own-account climate finance and mobilized $3.6 billion for climate and developing expertise in key climate markets including solar, hydropower, wind, energy storage, green buildings, and waste-to-energy.