The World Bank and other financial institutions will provide a US$159 million package for a 250MW solar PV, 63MW battery energy storage system (BESS) project from UAE state-owned renewable energy developer Masdar in Uzbekistan.

The International Finance Corporation (IFC) has signed a US$400 million loan to ENGIE Energía Chile S.A. (ENGIE Chile) to fund the installation of new Battery Energy Storage Systems (BESS).

Development banks IFC and AfDB have financed co-located projects in Malawi and Eritrea which collectively total 25MW of energy storage.

IFC, a member of the World Bank Group, and the government of Canada have formed a financial partnership that will utilise public funding to generate private sector investments to spur renewable energy, including energy storage, in Sub-Saharan Africa.

Energy storage deployments in emerging markets could grow 40% annually over the next five years, from 2GW today to 80GW, but barriers include the lack of access to low-cost capital, a new report from the International Finance Corporation has found