IDCOL and the Ethiopian Ministry of Water & Energy joined forces on December 22, 2023, in Addis Ababa, sealing a significant deal for Advisory Services to drive the implementation of the Solar Home System program.
Sultan Welle Ahmed, the state minister for Energy Development in Ethiopia, and Shibli Mohammad Faiz, VP & unit head of Advisory Services at IDCOL, inked this transformative contract, as outlined in the official press release.
In a major boost to the initiative, the World Bank has generously extended a $10 million contribution to the Ministry.
This financial infusion is earmarked for creating an impressive 750,000 new connections through solar off-grid standalone solutions, all under the ambitious “Access to Distributed Electricity and Lighting in Ethiopia” (ADELE) project.
IDCOL’s role extends beyond mere consultation. The institution is set to be a catalyst for market expansion into remote rural areas, channeling innovative solutions and support through grant funding.
IDCOL, a non-bank financial institution under the Economic Relations Division, has a track record of catalyzing private sector investment in infrastructure, renewable energy, energy efficiency, and PPP projects, particularly in Bangladesh.
Renowned for its globally acclaimed Solar Home System program in Bangladesh, where over 4.1 million systems have illuminated homes, benefitting 12 percent of the population, IDCOL’s expertise is sought after internationally.
Currently engaged in consultancy services for the Ministry of Energy in Malawi, under the World Bank-funded Off-Grid Market Development Fund, IDCOL’s influence transcends borders.
Alamgir Morshed, the dynamic ED & CEO of IDCOL, emphasizes the organization’s commitment to cross-border strategic advisory services.
Delighted to share their wealth of experience, IDCOL is now poised to support the Ethiopian Government in rolling out a Solar Home System intervention, drawing insights from their successful implementations in Bangladesh and Malawi.
The collaboration marks a significant stride toward enhancing energy access and sustainability in Ethiopia.