Rockefeller Foundation and IFC back distributed energy solutions

The International Finance Corporation (IFC), the private sector arm of the World Bank Group, and The Rockefeller Foundation (RF) have announced a new partnership that aims to deploy $150 m of RF's catalytic capital in blended finance to mobilise up to $2bn of private sector investment in distributed renewable energy solutions.

By blending philanthropic and private investment funding, RF and IFC will de-risk capital investment in distributed renewable projects in emerging markets and help to address global energy access needs.

An initial "rapid deployment" phase will distribute $30m in blended concessional finance and grant capital to leverage an active pipeline of distributed renewable energy projects developed by IFC. The funding will go toward IFC's prototype scaling mini-grid programme in addition to distributed renewable energy generation, battery energy storage, and other innovative clean energy technologies to facilitate access.

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