PRESS RELEASE | November 11, 2020
We are excited to announce that GREENMAP and the Energy Efficiency Agency of Moldova (AEE) have agreed to cooperate on the improvement of risk mitigation and bankability of renewable energy projects in the country.
Moldova is an Eastern Europe country with a population of 2.6 million people and a GDP of US$2 bn. Its power matrix shows a high reliance on fossil fuels, with an installed capacity of 3 GW and annual power generation of 5 TWh. Almost 83% of its domestic power supply comes from the Kuchurgan thermal power plant. Renewables have, at least for now, a low representation as a power source.
GREENMAP will help identify the key risks to be mitigated in order to enhance bankability of renewable energy projects, suggesting the most appropriate policy de-risking and credit-enhancement tools to be recommended to integration into the existing tendering scheme and supporting AEE in the implementation of innovative guarantee mechanisms.
GREENMAP stands for Global Renewable Energy Mass Adoption Program. We are an impact-driven and independent non-profit organization created to accelerate deployment of renewable generation in developing economies. GREENMAP’s strategy is to support governments of developing countries design and implement stable regulatory frameworks and new financial schemes to develop their renewable energy sectors and boost the reduction of their GHG emissions. We focus on implementation. GREENMAP is currently funded by the Climate Breakthrough Project, an initiative of the David & Lucile Packard Foundation in partnership with Oak Foundation, Good Energies Foundation and Ikea Foundation.
About the Energy Efficiency Agency of Moldova (AEE)
AEE is a public entity created by the Government of Republic of Moldova, whose mission is to implement state policy in the fields of energy efficiency, energy performance of buildings, and the use of renewable energy sources. This includes attracting and managing financial resources to finance projects in these areas in a sustainable way both from an environmental and climate change perspective.