Wednesday, March 22, 2023

Nepal Promotes Renewable Energy Industry Through World Bank Assistance

Nepal is promoting energy project to boost private sector efficiency and sustainable energy services. Nepal has received two grants worth 7.6 million dollars from the World Bank to support the renewable energy industry.

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The Strategic Climate Fund is supporting a mini-grid energy access project, which is expected to address the obstacles affecting the private sector participation in the mini-grid sector for renewable energy. Through this fund, private firms will be able to provide power services to rural areas as ‘energy service companies’ or ESCOs.

The Energy Service Companies are specialised will be able to develop, build, own and operate renewable mini-grids in the country.

The World Bank Country Manager for Nepal, Faris Hadad-Zervos emphasised saying, “This project will tap into the vast business opportunities and technical potential for the private sector to provide more efficient and sustainable energy services in Nepal”.

“It is directly linked to the Government of Nepal’s effort for greater private sector management and commercial financing through public-private partnerships and the World Bank’s mission of maximizing all financial opportunities for development,” Zervos added.

The project is designed to improve the overall energy supply in Nepal by promoting renewable energy solutions.

More News at EurAsian Times

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