The World Bank announced it had approved financing for Botswana’s first grid-scale battery energy storage system as part of the agency’s first lending operation to support renewable energy development in the African nation.
The project will finance grid investment and Botswana’s first 50 MW utility-scale battery energy storage system (BESS) to support integration of the first wave of renewable energy projects in the country.
The World Bank will offer a loan of $88 million while the Green Climate Fund’s Sustainable Renewables Risk Mitigation Initiative Facility will offer a $30 million loan and a $4 million grant.
An additional $3.5 million grant from the Energy Sector Management Assistance Program will offer technical assistance on solar, wind, and storage project development, the bank noted in a release.
Lefoko Moagi, Botswana’s Minister of Minerals and Energy, said in the release: “With the financing support and technical assistance from the World Bank, this investment will support us to harness our rich renewable energy resources for a reliable, affordable and sustainable energy future. This is not only critical for our own energy security, but also provides an important driver of economic growth.”
The Botswana Renewable Energy Support and Access Accelerator (RESA) Project, approved on July 11, 2024, aims to transform the African country’s energy landscape by enabling renewable energy solutions and improving electricity access.
In it release, the World Bank noted: “Botswana has vast untapped resources for renewable energy. It has set an admirable target to increase renewable energy to 30 percent of its energy mix by 2030 and 50 percent by 2036. The first wave of 335 MW renewable energy projects is already at different stages of development by private sector power producers.”
In addition, the World Bank project will support the government’s efforts to improve energy access by financing the expansion of the country’s grid to rural villages and improve electricity services in the nation’s southern districts.
Satu Kahkonen, World Bank Country Director for Botswana, said: “The World Bank is pleased to support Botswana’s commitment to expand domestic energy generation with renewable solutions. In addition to financing, the World Bank will provide technical assistance to facilitate further renewable energy projects. This is an important part of our commitment to support more sustainable and inclusive growth in Botswana.”
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Publish date : 2024-07-16 06:15:46
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