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]

  • Status Under implementation
  • Date approved 16 Mar 2023 at B.35
  • Est. completion 11 Apr 2035
  • ESS Category Category A

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 - 433 days so far

FAA effective

11 Apr 2023

Disbursement - USD 1,000,000

14 Dec 2023

To be completed

11 Apr 2035 - 3,951 days to go

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 financing1% disbursed

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
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 6714 (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
Ministry of the Environment, Biodiversity and Climate Action
Ms. Akssana Mota Primary
Senior Technician
Palacio do Governo, Avenida dos Combatentes da Liberdade da Patria, Bissau, Guinea-Bissau
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
Mr. Boby Hernawan Secondary
Director of Center for Climate Finance and Multilateral Policy/Head of the NDA Secretariat
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. Melis Turgunbaev Primary
Minister
Erkindik street, N2, Bishkek, Kyrgyzstan
Ms. Aizada Barieva Secondary
Head of Climate Change Department
Erkindik street, N2, Bishkek, Kyrgyzstan
Mr. Adilet Amantaev Operational focal point
Director of the Climate Finance Center under the Cabinet of Ministers of the Kyrgyz Republic
Phone +996-550-328820
info@cfc.kg
ak.amantaev@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. Sharmarke Dubow Primary
Senior Technical Advisor
Phone +252770984877
sharmarke.dubow@moecc.gov.so
Mr. Abdullahi Ali Secondary
Climate Adaptation Specialist
Phone +252613983913
najeb@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.