World Bank to invest US$1bn in energy storage
The World Bank has announced major plans to invest in energy storage in developing countries. It will allocate US$1bn of its own money and hopes to attract another US$4bn in concessional climate financing and other public and private investments to build up to c.17.5GWh of battery storage by 2025, more than triple the 4-5GWh currently installed in all developing countries. The “Accelerating Battery Storage for Development” program will finance and de-risk investments such as storage for utility-scale solar parks, off grid systems (including mini-grids) and standalone batteries to help stabilise grids.
Topics
Energy Storage
World Bank
