June 7 (Renewables Now) - The World Bank will provide financing for the construction of a 3-MW solar power plant in the Republic of the Marshall Islands, the lender said on Wednesday.
The funds will come from a funding package intended to support climate change related projects and promote renewables and energy efficiency.
The renewable energy scheme will involve the installation of solar panels, battery storage capacity and grid management options in Majuro, the islands’ capital city. According to the statement, the World Bank will also deliver technical assistance to the country in order to identify further options for renewables development in Ebeye and the outer islands.
The second project that will benefit from the World Bank financing is the so-called Pacific Resilience Project II, aimed at improving the islands’ preparedness for natural disasters and enhancing coastal adaptation and shoreline protection. This initiative will get USD 25 million from the Green Climate Fund.
Apart from facing climate challenges due to rising sea levels, tropical storms and typhoons, the Marshall Islands are highly dependent on imported fuel for generating electricity, the World Bank noted.
(USD 1.0 = EUR 0.848)