The $15 million in IFC funding is expected to take the island nation closer to its goal of sourcing 100% of its energy needs from renewable sources.
The project will reduce the country’s dependence on imported fossil fuels and at the same time cut harmful greenhouse emissions, boosting the nation’s resilience in the face of the impacts of climate change. It has the potential to transition as many as 14,000 households to solar energy.
To date, about 45% of the country’s power needs are supplied through fossil fuels, 50% through hydropower and the remaining 5% from biomass and wind.
