From Biz Tech
Tanzania has received endorsement from the Climate Investment Fund (CIF) of an investment plan which will help the country to scale-up the development of its abundant renewable energy resources. The plan is designed to transform the country’s energy sector, shifting from its increasing dependence on fossil fuels and climate-sensitive hydro resources to a more diversified energy mix making use of the country’s abundant, reliable and cost efficient geothermal and solar resources.
The plan will be funded by US $50 million from the CIF’s Scaling-Up Renewable Energy Program in Low-Income Countries (SREP) and the balance from the African Development Bank (AfDB), World Bank, Government, private sector, commercial sources and other development partners. It features a geothermal development component and a renewable energy for rural electrification component.
The geothermal development component, which is expected to receive US $25 million from SREP and US $45 million support from the AfDB, will catalyze development of more than 100 MW of geothermal power, principally by the private sector, and will establish an enabling environment for large-scale geothermal development.
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