Liberia will receive $50 million from the Climate Investment Funds (CIF) Program, Scale up Renewable Energy in Low Income Countries (SREP), with the monetary injection backed by the African Development Bank (AfDB).
The country, with less than 2% of its population with access to power, will put the funds toward bolstering its renewable energy generation with plans to reach 35% of electrification by 2030. The scheme is designed to help increase energy access through off-grid electricity schemes based on small hydro, solar PV, biomass, and hybrid systems. As a first step, Liberia will use a $1.5-million SREP project preparation grant to develop an AfDB-supported project entitled Renewable Energy for Electrification in Eastern Liberia.
The plan is designed to be carried out in two financing phases. In Phase I, implementing partners will rely more on public investment to help mitigate risks associated with country conditions, lack of an enabling environment suitable for renewables powered off grid schemes, and new and/or untested business and technology models. In Phase II, the private sector will take the lead with development partners’ support to scale up the program based on the results of Phase I.
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