FP204

Sustainable Renewables Risk Mitigation Initiative (SRMI) Facility (Phase 2 Resilience focus) [SRMI-Resilience]

Sustainable Renewables Risk Mitigation Initiative (SRMI) Facility (Phase 2 Resilience focus) [SRMI-Resilience]

Even though renewable energy (RE) is now an economically viable option on par and often surpassing the return on investment compared to more traditional energy resources, the investment level towards RE resources in developing countries have remained at a standstill in recent years. In developing countries, a range of investment barriers such as the limited capacity of utilities for energy generation and transmission planning as well as challenges with grid integration prevent private sector investment inflow, making it difficult for these countries to transition towards more sustainable modes of electricity production. 

SRMI-Resilience, the second phase of the SRMI Facility, aims to support the energy transition in nine developing countries by increasing access to affordable, reliable, modern, and sustainable electricity. The project will help these countries develop their energy transition programmes and uphold solid procurement processes needed to crowd-in private investments for future RE infrastructure. The project will serve as an example of how developing countries can level market disadvantages and bring in private sector financing into cleaner and more sustainable energy sources. Moreover, since each country has a unique set of market barriers that need to be overcome, this project will provide much needed knowledge about how the public and private sector can work together in challenging RE markets. 

Total project value

 

Tonnes of emissions avoided

 

Beneficiaries

 

Direct
3,200,000
Indirect
22,700,000
Theme

Cross-cutting

Result areas

Project timeline

Pipeline

27 Mar 2021 - 720 days

Funding proposal received

27 Mar 2021

Cleared by GCF Secretariat

13 May 2022

Legal opinion on AE's Internal Approval

24 Feb 2023

Cleared by iTAP

13 Mar 2023

Approved

16 Mar 2023 - 27 days

Approved by GCF Board

16 Mar 2023

FAA executed

17 Mar 2023

Under implementation

11 Apr 2023 - 57 days so far

FAA effective

11 Apr 2023

Completed

Two regions

  • Africa
  • Asia-Pacific

Nine countries

Three priority groups

  • Least Developed Countries
  • Small Island Developing States
  • African States
USD  
  • Financing
    • Private sector
    • Public sector
  • Size
    • Micro
    • Small
    • Medium
    • Large

GCF financing

InstrumentAmount
GrantUSD 43,000,000
LoanUSD 69,000,000
GuaranteeUSD 13,000,000
GrantUSD 35,000,000
Total GCF Financing
USD 160,000,000

Co-financing

Co-financerInstrumentAmount
Co-FinancingGrantUSD 6,000,000
Co-FinancingGuaranteeUSD 10,000,000
Co-FinancingGrantUSD 208,000,000
Co-FinancingLoanUSD 487,500,000
Co-FinancingLoanUSD 247,500,000
Total Co-Financing
USD 959,000,000

GCF Contacts

General media inquiries

GCF Communications
Phone +82 32 4458 6338 (KST)
Send e-mail

Request for information

GCF Information Disclosure
Request information about this project

Project complaints and grievances

GCF Independent Redress Mechanism (IRM)
Phone +82 32 458 6186 (KST)
File a complaint

Integrity issues

GCF Independent Integrity Unity (IIU)
Phone +82 32 458 6155 (KST)
Send e-mail

Accredited Entity

International Bank for Reconstruction and Development and International Development Association
Mr. Zhihong Zhang
Primary

Senior Carbon Finance Specialist
The World Bank 1818 H Street, NW MSN MC3-309 Washington DC 20433 USA, Washington, United States
More contacts

National Designated Authority

Ethiopia
Ministry of Planning and Development
Mr Abas Ali Primary
Director, Economic Analysis and Policy
Gulele Sub-city, Woreda 1, Addis Ababa, Ethiopia
Phone +251 91 154 4526
abas.mohammed5@gmail.com
Guinea-Bissau
SECRETARIAT OF STATE OF THE ENVIRONMENT / GENERAL DIRECTION OF THE ENVIRONMENT
Mr Viriato Cassamá Primary
Avenida dos Combatentes da Liberdade da Pátria Palácio do Governo, Bissau, Guinée-Bissau, Bissau, Guinea-Bissau
Phone +245 578 4046
Phone +245 678 4046
cassamavilus@gmail.com
Indonesia
Fiscal Policy Agency, Ministry of Finance
Mr. Febrio Kacaribu Primary
Chairman of Fiscal Policy Agency, Ministry of Finance
R.M. Notohamiprodjo Building 2nd Floor, Jalan Dr. Wahidin Raya No. 1, Jakarta, Indonesia
Phone +62 21 3441 484
ndagcf-indonesia@kemenkeu.go.id
Mrs. Dian Lestari Secondary
Director of Center for Climate Finance and Multilateral Policy/Head of the NDA Secretariat
Center for Climate Finance and Multilateral Policy, Fiscal Policy Agency, Ministry of Finance, R.M. Notohamiprodjo Building 5th Floor, Jalan Dr. Wahidin Raya No.1,, Jakarta, Indonesia
Phone +62 21 3483 1678
ndagcf-indonesia@kemenkeu.go.id
Kyrgyzstan
Ministry of Natural Resources, Ecology and Technical Supervision of the Kyrgyz Republic
Mr. Beksultan Ibraimov Primary
Deputy Minister of Natural Resources, Ecology and Technical Supervision of the Kyrgyz Republic
2, Erkindik Avenue, Bishkek, Kyrgyzstan
Ms. Salima Baitokova Operational focal point
Expert of the Climate Finance Center
2, Erkindik Avenue, Bishkek, Kyrgyzstan
Phone +996-555-379-300
salimabaitokova@gmail.com
Mongolia
Ministry of Environment and Tourism
Ms. Choikhand Janchivlamdan Primary
15160 Government building 2, United Nation's street 5/2, Chingeltei district, Ulaanbaatar, Mongolia
Seychelles
Seychelles Sustainable Development Strategy (SSDS) Inter-sectoral Steering Committee
Mr. Wills Agricole Primary
Principal Secretary, Ministry of Environment and Energy
Botanical Gardens, P.O. Box 445, Mon Fleuri, Mahé, Seychelles, Seychelles
Phone +248 4670 512
w.agricole@meteo.gov.sc
Somalia
Ministry of Environment and Climate Change
Her Excellency Amb. Khadija Almakhzoumi Primary
Minister
Villa Somalia, Mogadishu, Somalia
Phone +252617008375
minister@moecc.gov.so
Mr. Abdirashid Ateye Primary
Technical Focal Point
Villa Somalia, Mogadishu, Somalia
Phone +252717043772
aateye@moecc.gov.so
Dr. Abdullahi Khalif Secondary
Senior Principle
Villa Somalia, Moghadishu, Somalia
Phone +252614392902
akhalif@moecc.gov.so
Dr. Jaabir Hussein Secondary
Climate Change Specialist
Villa Somalia, Mogadishu, Somalia
Phone +252634455580
jaabir@moecc.gov.so
Tajikistan
Committee of Environmental Protection Under the Government of the Republic of Tajikistan
Mr. Sheralizoda Bahodur Primary
Chairman of the Committee of Environmental Protection
5/1 Shamsi str.,, Dushanbe city, Tajikistan
Mr. Murodov Turakul Secondary
Head of Project Implementation Group and NDA Secretariat
Tunisia
Ministry of Environment and Sustainable Development
Mr. Chokri Mezghani Primary
Director of General Directorate of Sustainable Development
Ministere des Affaires Locales et l'Environnement, Cite Administrative, Rue du Developpement, Cite el Khadra, Tunis, Tunisia
Phone +216 22 74 93 62
Phone +216 70 24 38 00
chokri.mezghani@mineat.gov.tn
chokri.mezghani@yahoo.fr

News + Stories

GCF and World Bank sign renewable energy project agreement

17 Mar 2023 / GCF and the World Bank have signed an instrumental legal agreement to rapidly begin implementing the second phase of a renewable energy facility. It will support nine countries in meeting their NDC commitments while increasing access to electricity for the most vulnerable populations. The mitigation/adaptation cross-cutting Facility aims to also increase the reliability of the grid infrastructure, improving the country’s economic resilience, and the resilience of vulnerable households to better adapt to the devastating impacts of climate change.