Technological and financing breakthroughs for accelerating solar energy growth needed to keep pace with market demand and support sustainable development were the focus of the second workshop of the innovations in renewable energy technology and connectivity series on 14 May, cohosted by the Multilateral Cooperation Center for Development Finance (MCDF).
The other organizers of the three-part virtual series are Saudi Arabia’s Ministry of Finance, the Islamic Development Bank (IsDB), and Asian Development Bank (ADB).
The second workshop of the series featured presentations by experts from government, multilateral development banks (MDBs), and partner organizations. The opening presentation by Dr. Ede Ijjasz, Senior Advisor to MCDF’s CEO and the workshop’s moderator and strategic lead, provided an overview of trends in solar photovoltaic (PV) technology.
Dr. Ijjasz discussed the rapid pace of PV capacity growth thanks to the expansion of large solar power plants and rooftop solar installation. He also highlighted emerging PV technologies that are expected to further boost market demand.
To watch the workshop’s overview presentation on solar industry innovation and market trends, click here
To see the full session and related materials, visit MCDF’s digital platform, JIGSAW
Mr. Michael Gabisch, Principal Investment Specialist and Unit Head, Private Sector Infrastructure Finance for the Pacific at ADB, described the ADB-supported, 47.5-megawatt (MW) Thuan-Da Mi Floating Solar Project in Viet Nam. He noted that the project was installed on the reservoir of an existing 175-MW hydropower plant and is one of the largest floating solar projects in Southeast Asia. He explained that this high-risk, first-of-its-kind project led ADB to mobilize financing and concessional funding from diversified sources and that its successful launch has provided valuable lessons for replication in the region and beyond.
A successful solar home system (SHS) financing project in Nigeria supported by the Islamic Development Bank (IsDB), TRINE crowdfunding platform, and United Nations Development Programme was discussed by Mr. Alagi Basiru Gaye, Lead Global Energy Specialist at IsDB. He said that the project was funded with EUR1 million from IsDB and EUR2 million raised through a rapid, days-long TRINE funding campaign and implemented via a social enterprise distributing SHSs using a pay-as-you-go model. Mr. Gaye underscored the critical role crowd investing in solar has played in facilitating sustainable investments needed to improve energy access in Nigeria. The joint IsDB project has helped communities transition from fossil fuels to clean energy, he added.
Dr. Gurleen Kaur, Technology and Solar Specialist at the International Solar Alliance (ISA), described ISA’s work to facilitate the development of policies that attract solar energy investment. She went on to discuss challenges and solutions to promote solar agrovoltaics and its applications in solar-powered irrigation systems, solar drying, solar chilling, and other off-grid innovative applications. They include land use classification, grid integration, agricultural subsidy impact assessment, and innovative public and private financing models to scale up these solutions.
The workshop concluded with a presentation on the fast-growing distributed PV (DPV) segment of the solar energy sector by Mr. Christophe de Gouvello, Senior Energy and Climate Change Specialist at the World Bank’s Energy Sector Management Assistance Program. He detailed the World Bank’s studies on scaling up DPV solutions, structured approaches, common misconceptions about their market effects, and case studies that reflect how they can be socially inclusive, grid-friendly, and financially compatible with electric utilities.
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David Hendrickson
Senior Communications Officer
Mobile: +86 185 0114 6758
david.hendrickson@themcdf.org
