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Finland Grants Funding for Wind Power Projects in Developing Countries

The new cooperation agreement is an extension of the original 114 million euros climate fund that Finland established in collaboration with the IFC last year.

Finland has pledged 114 million euros over four years for clean energy projects in developing countries and will be repaid with interest over the next 25 years.

Foreign Trade and Development Minister Anne-Mari Virolainen has this week pledged some 1.5 million euros to fund climate projects, particularly in low-income countries, according to the Foreign Ministry. The sum is part of a commitment to plough a total of 114 million euros into clean energy projects in developing countries.

The ministry said in a statement on Thursday that the funding will bankroll projects to harness wave energy or research power storage options or even developing new earnings models, for example. The minister signed the technical cooperation agreement with the World Bank’s financing arm, the International Finance Corporation or IFC, during the Bank’s ongoing annual meeting in Bali, Indonesia this week.

The new cooperation agreement is an extension of the original 114 million euros climate fund that Finland established in collaboration with the IFC last year. The fund’s first three-million-euro investment went to a major project fronted by the Moroccan energy company Gaia Energy. The company aims to build 22 power production facilities running mainly on wind power in nine different African countries: Ivory Coast, Ghana, Kenya, Tanzania, Nigeria, Tunisia, Algeria and Morocco.

 

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