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60 MICROPOWER: THE NEXT ELECTRICAL ERA FINDING FINANCING 61 in Europe and Australia. Hakan Blomqvist of Arbustum Invest believes the alternative energy market will take off within five years. In 1999, his and two other Swedish firms purchased Nordic Windpower, which has developed a two- bladed offshore windmill that the investors believe has major growth potential.132 While micropower companies focusing on the grid- connected, industrial-nation market are beginning to attract private investment, the off-grid, developing-nation market faces a different sort of financing challenge: the technology is already cost-effective, but people cannot afford it. Consequently, micropower is beginning to benefit from the “microcredit” approaches that have evolved over the last two decades to meet the special needs of the poor. The Bangladeshi Grameen Shakti, a renewable energy affiliate of the non-profit Grameen Bank, provides small loans to the poor to help them handle the initial cost of purchasing solar and wind power systems: PV system buyers receive loans of about $500 for up to three years, paying for 15 percent of the system cost as a down payment. Focusing on isolated and neglected communities, the program has to date installed more than 1,000 solar home systems. The microcredit strat- egy has also proven effective in installing 10,000 PV systems in Zimbabwe, 20,000 systems in Indonesia, and more than 1,000 systems in Sri Lanka.133 One factor in the success of Grameen Shakti has been support from the Small and Medium Scale Enterprise (SME) Programme of the World Bank’s private sector arm, the International Finance Corporation (IFC). This enabled Grameen Shakti to lengthen credit periods from one to three years, increasing interest in the program. The SME program, which beyond Bangladesh has supported the installation of some 3,500 PV systems in the Dominican Republic and Vietnam, is one of several joint IFC/Global Environment Facility (GEF) projects to provide firms with business financ- ing and advice. (See Table 12.)134 Noting successful PV commercialization efforts in China, Indonesia, Kenya, and Zimbabwe that have not relied TABLE 12 World Bank Group Initiatives—Micropower Projects and Startups in Developing Countries Initiative Funding Objective Photovoltaic Market Transformation Initiative (GEF/IFC) Renewable Energy and Energy Efficiency Fund (GEF/IFC) Small and Medium Scale Enterprise Programme (GEF/IFC) (million dollars) $90–$120 $100–$200 $1.58 $50 $241–$372 $500 Finance commercial solar home system business ven- tures in India, Kenya, and Morocco through competi- tive bidding procedures. Catalyze and finance investments in PV, wind, microhydro, biogas, and geothermal projects for off- grid and utility markets in developing and transitional economies. Finance commercial solar home system business ventures in Bangladesh, Dominican Republic, and Vietnam. Finance PV-related businesses and provide technical assistance and business services (man- aged by Triodos Bank). Global Solar Development Corporation (GEF/IFC) Total Co-investment with Softbank in Internet startups, February 2000. Source: See endnote 134.PDF Image | Micropower: The Next Electrical Era
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