The World Bank’s Board of Directors has approved $200 million in funding for the establishment of a Renewable Energy Guarantees Program (REGREP) in Ethiopia. The program could draw in $1.5 billion of funds from Independent Power Producers (IPP) who would look to build and potentially operate new generators. Ethiopia, which generates most of its energy from hydropower, has other untapped renewable resources such as solar, wind and geothermal energy. This guarantee program will accelerate the diversification of its energy mix. According to Rahul Kitchlu, senior energy specialist at the World Bank, REGREP signals the Government’s commitment to comprehensive power sector reforms and a private sector-led renewable energy development program that has the potential to be one of the largest in Sub-Saharan Africa.

Source: The North Africa Journal May 30, 2019 12:56 UTC