Ouagadougou, Burkina Faso, October 8, 2021— Burkina Faso could drastically increase the use of renewable energy in its power mix by developing battery storage solutions through public private partnerships, according to a roadmap supported by IFC.
The roadmap was produced by Burkina Faso's Ministry of Energy and the national utility, Société Nationale d'Electricité du Burkina (SONABEL), with IFC's support. It outlines how Burkina Faso could reduce its reliance on fossil fuels and energy imports by taking advantage of its fast-growing solar power sector.
The report found that by deploying 60-70MW (160-220MWh) of independent battery energy storage solutions (i-BESS) the energy sector could potentially save between 800 million and 1.8 billion FCFA ($1.5 million to $3.3 million) annually, while reducing carbon emissions.
"This roadmap is a key milestone to support Burkina Faso's strategy to integrate a larger share of renewable energy into the country's energy mix. IFC is proud to support Burkina Faso's transition towards a more sustainable energy future," said Ronke Ogunsulire, IFC Country Manager for Burkina Faso.
Battery storage systems are helping countries worldwide better integrate renewable energy into their power systems by enabling energy from solar, wind, and other renewable sources to be stored until customers need power most. According to the International Renewable Energy Agency (IRENA), energy storage deployment in emerging markets is expected to increase by over 40 percent annually from 2020 until 2025.
IFC's engagement has provided Burkina Faso's government with insights on developing private sector-backed battery storage in Burkina Faso, contributing to national ambitions and policies regarding both energy access and climate change. Working with Burkina Faso's government highlights IFC's 3.0 and Upstream strategies to create markets and unlock opportunities for added private sector participation.
The roadmap benefitted from the support of the Governments of Denmark and Japan and IFC's Conflict Affected States in Africa (CASA) Initiative, which is supported by Ireland, the Netherlands, Norway, and Sweden.
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, visit www.ifc.org.