GEF PVMTI Sun Power Maroc

completed

This Photovoltaic Market Transformation Initiative (PVMTI) subproject will involve funding for infrastructure expansion and working capital to enable the company to install solar home systems (SHS) under three parallel schemes; - SPM’s in-house fee for service (FFS) scheme, - contracts for 12,000 SHS under Office Nationale de l’Electricite’s FFS scheme and, - a proposed credit scheme for SHS to be implemented by SPM in collaboration with multiple Moroccan financial institutions. IFC will provide loan and grant funding to support the project. This project 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 (PV). 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 Moroccan, as well as other developing country PV markets.