The proposed project has two components:
A soft credit line of EUR 60m to the major Mauritian banks, including their affiliates in the neighbouring countries, aiming to engage local banks in the financing of energy efficiency (EE) and renewable energy (RE) projects in the private sector. Technical and financial assistance (i) to support project developers in the identification and development of sustainable energy projects, and partner banks to improve their appetite in and skills to appraise and finance projects; and (ii) to bear partially the cost of detailed energy audits.
The EU-AITF provided a Technical Assistance Grant from the SE4ALL envelope (EUR 1.7 million) organised around five main components to improve the local financial intermediaries’ skills and appetite for such RE and EE projects:
1. Support to sub-projects’ origination, preparation and implementation.
2. Capacity building and transfer of knowledge.
3. Awareness raising and dissemination of best practices at regional level.
4. Monitoring and evaluation of the programme.
5. Financial assistance to energy audit studies.
A total of 329 subloans, representing more than EUR 134m of investment , have been selected and financed with a loan amount of EUR 56m granted by AFD to the local banks .
In June 2018, 100% of the line of credit has been disbursed and the technical assistance program has been completed.
There are 25 sub-loans for RE activities (solar, biomass and biofuel), 15 in EE (commercial buildings, industry), 6 in clean production sectors, and around 281 in small household renewable energy. Thanks to these projects: 29.3 GWh of energy will be saved per year and 10 MW of RE capacity was added. Moreover, emissions of 63 500 tonnes of CO2 will be avoided per year, 2249,000 m3 of water will be saved, 72000 tonnes of waste and 82 tonnes of chemical fertilizers will be avoided.
Link to SUNREF website and communication material: https://www.sunref.org/ocean-indien/ressource/