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Under this agreement, IFC will assess the economic benefits of storage to integrate solar capacities to the grid and decrease the overall generation costs, review the country’s legal and regulatory frameworks and compare private and public storage project development and financing models. IFC will also provide recommendations regarding various aspects of Public Private Partnerships in energy storage, based on a review of international best practices.
“This assessment is an important step to help successfully integrate a larger amount of solar power into the country’s energy mix, as planned by the government” said Ronke-Amoni Ogunsulire, IFC’s Country Manager for Burkina Faso, Benin, Ghana, Niger and Togo.
Burkina Faso’s power sector is characterized by a high reliance on expensive thermal capacities and imports. While the target is to achieve universal access to electricity by 2025, the country’s present electrification rate is approximately 20 percent. The Burkinabe government has launched an ambitious renewable energy strategy to valorize large available solar resources and decrease both electricity generation costs and exposure to oil price fluctuations.