US$5.5b for solar projects

Submitted by orville on December 10, 2009
in

The World Bank announced on Wednesday US$5.5 billion (S$7.5 billion) would be invested in solar energy projects in five countries of the Middle East and North Africa in a bid to combat climate change.

The Washington-based bank's Clean Technology Fund approved financing of US$750 million on Dec 2 to boost the use of concentrated solar power, an advanced technology that concentrates sunlight to harness energy.

The fund's financing 'will mobilise an additional US$4.85 billion from other sources, to accelerate global deployment of Concentrated Solar Power (CSP),' the development lender said in a statement.

For further information: Straits Times