‘Over 800mn people need to be linked with off-grid solar products,’ says Koen Peters
The Executive Director of GOGLA, Koen Peters has shared his thoughts on the recently launched report titled ‘Off-Grid Solar Market Trends Report 2020’ in an exclusive conversation with Devdiscourse.Devdiscourse News Desk | Nairobi | Updated: 19-02-2020 18:41 IST | Created: 19-02-2020 18:41 IST
The Lighting Africa program was launched by the World Bank Group in 2009 with a tremendous objective to reach 250 million people with off-grid solar products by 2030. But surprisingly, the off-grid solar industry outshined the goal of 250 million in 2019, ahead of more than a decade.
The World Bank Group's Lighting Global Platform, Global Off-Grid Lighting Association (GOGLA) unveiled the 'Off-Grid Solar Market Trends Report 2020' in collaboration with Energy Sector Management Assistance Program (ESMAP), Vivid Economics and Open Capital Advisors on the sidelines of the ongoing Global Off-Grid Solar Forum & Expo 2020 taking place in Nairobi from February 18 and 20.
The report launched at the Global Off-Grid Solar Forum & Expo 2020 reveals that the off-grid solar industry has grown into a USD 1.75 billion annual market, providing lighting and other energy services to 420 million users and remains on a solid growth curve. The report also cites that the sales revenues are growing rapidly at 30 percent annually due to the augmented sales of higher-priced, PAYGo-enabled products that provide increased levels of energy service.
The Executive Director of GOGLA, Koen Peters has shared his thoughts on the recently launched report titled 'Off-Grid Solar Market Trends Report 2020' in an exclusive conversation with Devdiscourse. Koen Peters has been one of the authors of the report alongside Dana Rysankova, Senior Energy Specialist at the World Bank, and Russell Sturm, Global Head, Energy Access, International Finance Corporation Advisory Services.
"The off-grid solar industry made a tremendous stride in the last 10 years since this market has developed. Already 420 million people benefited out of the products but the challenge ahead of us is also very big as we are trying to introduce it among 820 million people, who need to be linked with the off-grid solar products by 2030," Koen Peters said to Devdiscourse.
Regarding challenges, Koen Peters said that "the younger companies confront a main issue, which is lack of access to finance (as it is difficult to obtain acuity financing in this space for younger companies)." However, according to Peters, the start has been good and USD 1.5 billion investment raised in the industry so far.
"We need to raise another USD 6 billion for going forward to make sure that the products meet all the households and NGOs that need the off-grid solar products," Peters added.
He also said that the new report is another confirmation of the significant impact the off-grid solar has already achieved including the massive opportunity that remains going forward.
Stay tuned to Live Discourse to get the live updates from the event.