New PIDG facility aims to help renewable projects jump the financial close hurdle

Issue 259 - 26 Jul 2013
The Private Infrastructure Development Group (PIDG)’s £98m ($150m) Green Africa Power (Gap) facility aims to finance ten projects by 2016, adding around 270MW of renewable power capacity by 2018. It has been designed to mitigate some of the challenges preventing renewable energy projects reaching financial close. According to the Business Case and Intervention Summary put together by the UK’s Department for International Development (DfID) and Department of Energy and Climate Change (DECC), Gap aims to change the cost profile of renewable energy projects to attract long-term debt structured in a way which is cheaper in the early stages of a project’s operation, and “to mitigate some of the risk associated with construction delays and cost over-runs”.

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