World Bank initiates offshore wind power program in developing countries

12 March 2019

World Bank initiates offshore wind power program in developing countries

(North America): The Global Wind Energy Council (GWEC) and World Bank Group (WBG) have launched a plan to expand the adaptation of offshore wind energy in developing countries.

The program is supported by World Bank’s Energy Sector Management Assistance Program (ESMAP) partnering with the International Finance Corporation (IFC) with an investment of $5 million. The UK government also granted $26 million to ESMAP for implementing environmentally renewable energy solution.

According to GWEC, offshore wind power capacity reached 23 GW in 2018. Currently, offshore wind shares account for 8% of global investments in renewable energy.

Siemens to get shares in Poovani wind power project

(Asia-Pacific): Siemens Financial Services (SFS) has signed an agreement with India’s Greenko Group to acquire 46% share in the 200MW Poovani wind power project in India. The project is supported by Solar Energy Corporation of India (SECI). Once completed, it will be connected to the national grid and will supply power to around 155k homes annually.

To learn more about this article or want to explore how we can help in your research, please feel free to contact us at info@commodityinside.com or Telephone: +44 (0) 208 123 7812.

We are independent and highly approachable experts available to support you.