USAID launches fund to support Lebanese renewables development: The United States Agency for International Development (USAID) has launched a USD 20 mn Solar and Renewable Energy Fund to help spur private sector investments to finance the cost of solar power installations for Lebanese SMEs, the US embassy in Lebanon said in a statement on Friday. The fund was created through USAID’s Trade and Investment Facilitation (TIF) Activity and Lebanon Investment Initiative (LII), the statement notes.

Who’s paying what: Through TIF and LII, USAID will commit USD 4 mn in seed funding and USD 500k to structure the fund with the remaining USD 15.5 mn drummed up from investors, the statement notes.

How it will help: The fund will help SMEs secure investments for renewable energy to maintain operations and boost export capacity, the statement notes. Up to 25 companies will benefit from the fund’s resources in the first round of financing.

The battle against emissions and a dire power crisis: There has been a spike in the use of diesel-powered generators in Lebanon in recent years as a response to the power crisis, with levels of toxic emissions estimated to have quadrupled since the start of the country’s economic crisis.

Tags: