Microfinance Fund for Renewable Energy to Boost Development in Remote Communities

PEF receives $535,500.00 check as the Fund Manager for the renewable energy micro-finance fund during the Renewable Energy Forum held on March 6, 2007 at the Dusit Hotel Nikko, Makati City. From L to R: Aimee Manal, UNDP Program Manager; Amelia Dulce Supetran, UNDP Assistant Resident Representative; Veronica Villavicencio, PEF Executive Director; Roberto Mina, CBRED-Micro-Finance Fund Program Manager; Mariano Salazar, DOE Undersecretary; Mario Marasigan, Director DOE

Greater reach and wider impact of renewable energy in poor, remote communities is now more possible with the partnership of the Peace & Equity Foundation (PEF) with the Department of Energy's (DOE) Capacity Building to Remove Barriers to Renewable Energy Development (CBRED) project. The project aims to provide energy to off-grid areas at the same time, reduce green house gas emissions by facilitating the development and widespread use of renewable energy systems and applications.

In October 2006, PEF joined the DOE and the Global Environmental Facility of the United Nations Development Fund as the Fund Manager for the $535,500.00 Micro-Finance Fund (MFF) to support renewable energy projects. Through the MFF, remote communities are provided opportunities to be more self-reliant by giving them access to energy sources that would allow them to engage in productive economic activities as well as improve their quality of life.

The BEST-OF-PREN. PEF shall manage the fund under the program dubbed "Building Economic, Social and Technological Opportunities and Foundations to Promote Renewable Energy Nationwide" (BEST-OF-PREN). As a loan mechanism, the MFF intends to fund micro-finance institutions for re-lending to household or community level renewable energy systems in remote off-grid areas.

PEF aims to establish a Philippine Renewable Energy Node (or PREN) in provinces, especially where PEF has a Partnership and Access Center (PAC). A PAC is a local consortium of civil society organizations (CSOs) that provide the outreach and services of PEF. It manages an initial fund and also raises counterpart funds for small loans and grants for projects. The program also offers capacity building and technical assistance to CSOs who wish to go into renewable energy projects.

Since 2003, PEF has been supporting renewable projects that include biogas digesters, biodiesel production, micro-hydropower, solar water pumps, and hydraulic ram pump.

For more information, contact:

Roberto Mina
Program Manager, CBRED-Micro Finance Fund
Peace & Equity Foundation
Telephone Number: 426.8402 loc 112
Email: renewables @ peacefdn.org

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