Renewable Energy Market Transformation (REMT)
Project Summary
Promote grid-based renewable power generation both for utility sales by power developers and for self-generation and consumption by sugar and paper industries. Promote commercial solar water heating to displace electric water heating. Assist government to create policy and institutional frameworks for renewable power generation through technical assistance, followed by investments from carbon and private financing sources. Some investments will take place based on World Bank Prototype Carbon Fund (PCF) financing (piloting a promising model in which GEF establishes favorable conditions, and PCF/carbon funds finance the actual investments). Development objectives to promote local economic development. Concept fits within three strategic priorities: power-sector policy, financing availability (from private and carbon financing), and market transformation (for solar water heaters).
Project Details
| GEF Project ID | 1894 |
| Project Type | Full-size Project |
| Status | Completed |
| Country | South Africa |
| Region | |
| Focal Areas | |
| Funding Source | GEF Trust Fund |
| Implementing Agencies | The World Bank |
| Executing Agencies | Dept. of Minerals and Energy (DME) |
| GEF Period: | GEF - 3 |
| Approval Fiscal Year: | 2005 |
Financials
| Project Preparation Grant Amount | 0 USD |
| GEF Project Grant | 6,000,000 USD |
| Co-financing Total | 11,300,000 USD |
| GEF Agency Fees | 540,000 USD |
| Total Cost | 17,300,000.00 USD |