Industrialised countries have seen an explosion in renewable energy in recent years but are developing countries proceeding at the same rate? An announcement this week by Norfund — the Norwegian Investment Fund for Developing Countries — has highlighted the role that renewables play in the developing world. Indeed renewables like solar power in developing countries looks to be The Next Big Thing in clean energy investment.
Norfund is to partner with Norwegian solar investment company Scatec Solar to provide an expansion of solar power investment into all areas in which the Norwegian government currently operates. Existing solar investment partnerships are already in place with the two combining in 190 MW of clean energy projects in solar projects in South Africa and Rwanda.