January 23 (Renewables Now) - The US Department of Energy (DoE) will allocate USD 10 million (EUR 9.24m) in financing to promote the construction of community solar systems, mostly in disadvantaged and underrepresented communities.
The funding will be disbursed through the Community Power Accelerator initiative and will be made available through a competitive process, the DOE said on Thursday.
The Accelerator aims to create an ecosystem linking developers, investors, philanthropists and community-based organisations. The specific programme, launched under DOE’s National Community Solar Partnership (NCSP), is intended to provide developers with technical and financial assistance with the ultimate goal of boosting the development of community solar photovoltaic (PV) schemes.
Financial institutions and philanthropic organisationsts taking part in the Accelerator have pledged to provide USD 5 billion in private sector financing for projects that are credit-ready, the DOE said.
NCSP’s target is to increase the US’ installed community solar capacity to 20 GW by 2025.
(USD 1.0 = EUR 0.924)