Billion dollar battery plan from the World Bank
The program is expected to help these countries ramp up their use of renewables – particularly wind and solar power – improve energy security, increase grid stability and expand access to electricity. The backing is expected to draw in another $4 billion of public and private investments to finance 17.5 gigawatt hours (GWh) of battery storage by 2025 – more than triple the 5GWh currently installed in all developing countries.
A new think tank on battery storage, bringing together national laboratories, research institutions, development agencies and philanthropies is to be launched to foster international technological cooperation and training that can develop and adapt new storage solutions tailored for the needs and conditions of developing countries.
The World Bank has battery projects currently underway in Africa, South Asia, and the Pacific, financing roughly 15 percent of the stationary battery storage capacity already deployed or currently under development in developing countries, mostly through mini-grid projects and in island states to improve resilience.
“For developing countries, this can be a game changer,” said Jim Yong Kim, president of the World Bank. “Battery storage can help countries leapfrog to the next generation of power generation technology, expand energy access, and set the stage for much cleaner, more stable, energy systems.”
The “Accelerating Battery Storage for Development” program, in response to demand from countries, will finance and de-risk investments such as utility-scale solar parks with battery storage, off-grid systems – including mini-grids – and stand-alone batteries that can help stabilize and strengthen grids.
The program will also support large-scale demonstration projects for new storage technologies suitable for developing countries’ needs – such as batteries that are long-lasting, resilient to harsh conditions and high temperatures, and that present minimal environmental risks.
“Batteries are critical to decarbonizing the world’s power systems. They allow us to store wind and solar energy and deploy it when it’s needed most to provide people with clean, affordable, round-the-clock power.” said Kim. “We call on our partners to join us and match the investments we’re making today. We can create new markets for battery storage in countries with high wind and solar potential, growing energy demand, and populations that still live without reliable electricity.”
The World Bank Group is putting $1 billion of its own funds towards this new program and will fundraise another $1 billion through channels such as the Climate Investment Funds’ Clean Technology Fund (CTF). The program is expected to raise an additional $3 billion from public and private funds and investors.
Related stories:
- 18MW TESLA BATTERY STORAGE PROJECT POWERS UP IN BELGIUM
- BIG GUNS AIM AT BATTERY STORAGE IN ASIA-PACIFIC
