World Bank’s long-standing commitment to energy transition and the 2030 Agenda for Sustainable Development was reiterated through its Climate Change Action Plan for 2021-2025. SRMI is helping countries create, finance, and execute renewable energy programs aiming to mobilize private investments. Results achieved include:
- SRMI has assisted 14 countries and 2 regional projects, as listed in the table below, in generating a substantial 4.4 gigawatts of renewable energy. Furthermore, the Energy Compact of the World Bank pledges to aid client countries in providing electricity access to up to 60 million people by 2025 and to assist countries in implementing comprehensive national electrification strategies.
- SRMI, by enabling reliable and affordable electricity, has provided 14.7 million people with access to modern electricity. This sizeable accomplishment is a significant step towards achieving the objectives of CCAP and the energy compact.
SRMI’s Global Impact: 4.4 Gigawatts of Renewable Energy Enabled in 14 Countries and 2 Regional Projects
Renewable Energy Type
Climate Finance ($ m)
Private Capital ($ m)
7 MW Geothermal
460 MWp – Solar
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235 MWp – Solar
600 MW – Geothermal
42.5 MWp – Solar
Uzbekistan (2 projects)
1600 MWp – Solar
475 MWp – Solar
18 MWp – Solar
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30 MW – Geothermal
383 MW – Geothermal
38 MWp Solar
25 MWp Solar
34 MWp Solar
9 MWp Solar
Regional Off-Grid Electrification Project (ROGEP) (P160708 and P174885) *
209 MWp - Solar
Regional Electricity Access and BEST Project (P167569)**
200 MWp - Solar
* regional project providing support to 19 countries in Sub-Saharan Africa
** regional project providing support to 5 ECOWAS countries
- In Maldives, the World Bank supports the transition to clean energy and the mobilization of private investments for renewable energy projects. The risk mitigation framework developed for the Maldives, with support from SRMI, has helped provide the confidence needed for private sector companies to invest in the country’s renewable energy sector. It resulted in a significant increase in private sector participation from 4 bidders for the Accelerating Private Investments in Renewable Energy (ASPIRE) Project (P145482), Phase I 1.5 MW sub-project to a whopping 63 parties showing interest in the ASPIRE Phase III 11 MW solar PV sub-project. As a result, the project was awarded at a tariff of $ 0.98 MWh, a record-low bid in Maldives and one of the lowest in a Small Island Developing States (SIDS) country.
- In Uzbekistan, the Electricity Sector Transformation and Resilient Transmission Project (P171683), approved in 2021, blends $ 380 million in WB financing and $ 47 million in Green Climate Fund (GCF) financing. The project supports the country’s clean energy transition by improving the transmission network’s capacity to integrate renewable energy produced by the private sector. It allows for the integration of over 1.5 GW of competitively procured solar generation with the support of World Bank guarantees. It also contributes to the Government’s plans to decarbonize the electricity sector.
Bank Group Contribution
Since its inception in 2019 until January 2023, SRMI has provided $ 28.6 million in grants and in-kind technical support focusing on developing sustainable renewable energy programs in over 60 countries.
As of January 2023, 19 SRMI-supported projects were approved by the World Bank’s Board, amounting to $ 3.9 billion of WB financing ($ 3.18 billion of IDA and $ 0.725 billion of IBRD financing) blended with $ 675 million of climate finance (GCF, the Clean Technology Fund (CTF), Canada Facility and other donors) enabling the deployment of 4.4 GW of renewable energy projects.
Under SRMI, ESMAP brought together partners to catalyze an integrated approach to scaling renewable energy deployment. SRMI is a collaborative partnership between World Bank, ESMAP, the International Solar Alliance (ISA), l’Agence Francaise de Developpement (AFD), the International Renewable Energy Agency (IRENA), and Sustainable Energy for All (SEforAll). The Initiative is further supported by a stakeholder group that includes the African Development Bank, the European Investment Bank, the Kreditanstalt für Wiederaufbau (KfW), and the Deutsche Gesellschaft für Internationale Deutsche Gesellschaft fur Internationale Zusammenarbeit (GIZ), among others. By joining their complementary expertise and networks through SRMI, the Partners are supporting ambitious energy transition and climate resilience goals.
As of January 2023, SRMI is providing technical support to more than 60 countries to support the preparation and implementation of renewable energy projects through grants and in-kind technical support by the SRMI team.
SRMI will continue to advance its efforts to create enabling environments that can improve private investment mobilization for the deployment of renewable energy. In the upcoming ESMAP Business Plan, currently under development, SRMI is expected to remain an important tool to deliver the climate commitments of the World Bank while promoting synergies between key development banks and agencies. SRMI’s approach is now scaling up to Small Islands Developing States (SIDS) and to further support implementation. In 2022, SRMI launched a Risk Mitigation Facility in collaboration with the World Bank Infrastructure Finance, PPPs & Guarantees Global Practice, the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA).