PlaNet Finance to use Microfinance for Efficient and Renewable Energy

Microfinance Focus, April 23, 2010: Paris based, PlaNet Finance and its partners are launching the FREEME project with the support of the European Union and the Microfinance Program of the Global Environmental Fund, Morocco. The project aims to promote energy efficiency and renewable energies in Morocco and Egypt through microfinance. It will support the development, access and sustainable use of renewable energies and energy efficiency services through microfinance in both countries.

For this 3 years long project, with a total budget of Euros 1.35 million and funded at 75 percent by European Union, PlaNet Finance has partnered with “Agence de l’Environnement et de la Maîtrise de l’Energie (ADEME), Group Environment, Renewable Energies and Solidarities (GERES), Moroccan Agency for the Development of Renewable Energies and Energy Efficiency (ADEREE), two Egyptian development associations: Egyptian Association for Community Development and Dakahleya Businessmen Association for Comprehensive Development, and the Research and Study Group on Renewable Energy and Environment (GERERE).

This project will strengthen the institutional capacities of local and international stakeholders, support micro-entrepreneurs and small distributors to commercialize energy efficient equipments and develop local energy or renewable energy services (photovoltaic panel installation, solar heater, etc.). It will design adapted financial models and create a “Microfinance Energy” fund. It will be benefiting around 4800 people in both the nations and will raise awareness of around 2400 micro-entrepreneurs and low-income households.

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