USAID spearheads launch of first Solar & Renewable Energy Fund to combat energy crisis

The United States Agency for International Development (USAID), launched the first-of-its-kind Solar & Renewable Energy Fund in Lebanon. The fund aims to provide much-needed financial support to local businesses that have been struggling in the current economic crisis and help them adopt sustainable energy sources.

The launch event was attended by a number of prominent figures, including the Minister of Energy Fayyad, Minister of Environment Yassin, and Minister of Industry Bouchikian; Berytech Chairman and CEO, Maroun Chammas; General Manager of IM Capital, Dr. Nicolas Rouhana; TIF Chief of Party, Mark Rostal; and US Ambassador Dorothy, who delivered an inspiring speech.

Ambassador Dorothy emphasized the United States' ongoing commitment to Lebanon's energy sector. She highlighted the recent launch of the $30 million INARA project and the announcement of 22 new renewable energy projects in Lebanon by USAID Administrator Samantha Power last November.

The Solar & Renewable Energy Fund, established with $4 million in seed capital from USAID, aims to secure an additional $16 million from private investors and other donors. The fund will provide loans to enterprises at commercial rates, enabling them to purchase and install solar systems. It is anticipated that loans will be repaid within two to three years, due to savings from reduced reliance on diesel generators.

The fund is expected to support the purchase and installation of solar generation systems for at least 25 businesses, helping them cut their operating costs by at least 20 percent. This initiative will reduce expenditures on electricity, boost productivity, and protect Lebanese jobs.

Ambassador Dorothy urged potential investors to consider investing in the Solar & Renewable Energy Fund, highlighting the opportunity to earn commercial returns while supporting Lebanese enterprises. With the combined efforts of investors and USAID's expertise, the fund aims to build a cleaner, more productive future for Lebanon.