Climate Investment Funds (CIF)- Scaling up Renewable Energy in Low Income Countries Program (SREP)
The Scaling up Renewable Energy in Low Income Countries Program (SREP) is one of three targeted programs that make up the Strategic Climate Fund (SCF) of the Climate Investment Funds (CIFs).
SREP empowers transformation in developing countries by demonstrating the economic, social and environmental viability of renewable energy. Channeled through five multilateral development banks (MDBs), SREP financing supports scaled-up deployment of renewable energy solutions to increase energy access and economic opportunities, with a focus on low-income countries. SREP also contains dedicated Private Sector Set Asides (PSSAs), which allow concessional financing to projects that engage the private sector.
It has five objectives:
- Assist low income countries foster transformational change to low carbon pathways by exploiting renewable energy potential;
- Highlight economic, social and environmental co-benefits of renewable energy programs;
- Help scale up private sector investments to achieve SREP objectives;
- Enable blended financing from multiple sources to enable scaling up of renewable energy programs; and
- Facilitate knowledge sharing and exchange of international experience and lessons
USD 720 million
Investment Plan preparation, submission and approval may take up to 2 years.
Project preparation, submission and approval by the SREP sub-committee maximum 2 years.