GEF PVMTI Salafin

completed

Afrisol plans to provide small scale loans to finance the purchase of DC and AC Solar Home Systems, PV powered water pumps and PV powered fridges. The company will be one of the first mainstream financial institutions to provide credit into the rural PV market. The project aims to demonstrate the viability of this market and to thereby catalyze growth in sales of PV systems into rural areas of Morocco. The venture is financed by the IFC/GEF Photovoltaic Market Transformation Initiative (PVMTI). The Global Environment Facility (GEF) has provided $30 million in concessional funds to IFC to support investments in private sector projects to encourage market development for photovoltaics. PVMTI aims at providing financing and stimulating business activity to accelerate PV penetration so as to achieve reductions in greenhouse gases. By harnessing the innovation and discipline of the private sector in designing and implementing PV projects, IFC is helping shift the design and financing of PV market activity to a more sustainable and replicable private sector context.By investing PVMTI funds in the project, IFC intends to support the demonstration of a successful and replicable business model for the Moroccan, as well as other developing country PV markets.