February 24 (Renewables Now) - The International Finance Corporation (IFC) will assess the economic benefits of deploying energy storage in Burkina Faso and its contribution to a possible increase in the installation of solar power generating capacity in the West African nation.
IFC, a member of the World Bank Group, said in a statement today that it has signed an agreement for this project with Burkina Faso’s Ministry of Energy.
In addition to the economic benefits assessment, the deal also calls for IFC to review the country’s legal and regulatory frameworks and compare private and public storage project development and financing models. Moreover, it will give recommendations regarding various aspects of Public Private Partnerships (PPP) in energy storage.
Ultimately, the project will result in the creation of a storage investment roadmap based on PPP models in Burkina Faso.
“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,” Ronke-Amoni Ogunsulire, IFC’s Country Manager for Burkina Faso, Benin, Ghana, Niger and Togo, said in a statement.
At present, Burkina Faso relies highly on costly thermal capacities and imports. The government has set a goal of achieving universal access to electricity by 2025 compared to the current 20%.