GEF PVMTI Selco

completed

The project seeks to facilitate the expansion of the company’s business via the provision of funding for infrastructure expansion, working capital and the extension of consumer finance to support the sale of solar home systems (SHS). In implementing its business plan, Selco India will partner with numerous regional rural banks to provide consumer finance under the project.This is a project 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 to address market barriers by making available appropriate financing and stimulating business activity, accelerating PV penetration 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 to 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 Indian, as well as other developing country PV markets.