IDB Approves New Clean Technology and Renewable Energy Fund
13 January 2012: The Inter-American Development Bank (IDB) has approved a US$30 million loan for the Emerging Energy Latin America Fund II, which is designed to support the private sector as a driving force in clean technologies and renewable energy deployment in the region.
According to Andrés Ackermann, the IDB project team leader, Latin American and Caribbean countries are expected to see their energy demand increase by 75% by 2030, and renewable energy could account for half of that total demand. The new fund will invest in renewable energy projects including wind, solar, small hydropower and geothermal, and in energy services companies using clean technologies, including waste-management, biomass, energy efficiency and smart-grid projects.
The fund is targeted at approximately US$150 million and will be managed by Stamford, Connecticut-based Emerging Energy and Environment, LLC (EEE), which specializes in clean and renewable energy, clean technologies, climate change and environment and low-carbon infrastructure investments and advisory services. [IDB Press Release]