KATHMANDU, JUL 14 -
Ace Development Bank has joined hands with Winrock International to install 5,000 solar home systems in rural households of mid-western Nepal through credit financing. The Frankfurt School of Finance & Management and the United Nations Environment Programme’s Collaborating Centre for Sustainable Energy and Climate Finance are other partners in the programme.

“This initiative is a commitment of Ace Development Bank to support the country’s effort to improve access to renewable energy among rural households and the global effort to reduce greenhouse emissions,” said Siddhanta Raj Pandey, CEO of Ace Development Bank. Pandey added that the bank’s initiative to support the project would be assisted by local micro finance institutions of the selected rural areas.

According to Pandey, Winrock International as consultant would identify local micro finance institutions, and Ace in association with Frankfurt School would work in their capacity building and provide funds.

So far, three districts, Achham, Doti and Salyan, have been selected for the programme. The project would be concentrated in nine to 12 districts of mid-western Nepal. 

The total estimated cost of the project is US$ 1.8 million. The Frankfurt School of Finance & Management will provide funds to identify local financial institutions and conduct capacity building and monitoring activities.

Currently, 8 MW of electricity is being generated by solar energy. Ace’s efforts is one of its kind in Nepal where 80 percent of alternative energy development projects are being funded through foreign aid.

Posted on: 2010-07-15 08:57

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