The European Commission has expressed its interest to give more and better tailored support to electrify rural areas in developing countries more effectively. As a result, over 300 attendees, a large number of them coming from outside Europe, came to a two-day workshop to bring in their experiences and know-how to a promising new innovative and close-to-the-market concept addressing gaps created by market failures in rural electrification finance in developing countries. The new Electrification Financing Initiative (ElectriFI) aims at leveraging available public financial resources by attracting private sector investments in sustainable business models as well as by reinvestments in new projects in case investment projects will be successful. It is expected that this mechanism will accelerate sustainable access to clean rural energy in developing countries by boosting the private sector to yield business opportunities and takes into account a number of points relevant for the industry.
“The Alliance welcomes the new initiative from the European Commission and we are aware that should this new tool gain success, it will act as a strong signal for the shaping of future development support schemes. ElectriFI will incentivise the strong engagement of the private sector to make universal access to clean energy a reality by facilitating and thus multiplying small and medium scale private investments and operations in sustainable energy projects.” Marcus Wiemann, ARE Secretary General.