IDB, Covelo Foundation to help rural communities in Central America go solar

Oct 28, 2011 - The Inter-American Development Bank (IDB) said Thursday it will lend USD 3 million (EUR 2m) to the Jose Maria Covelo foundation to back a solar power initiative targeting households in isolated rural communities in Honduras, El Salvador and Belize.

The funds will allow the foundation to establish credit lines, which will help up to 6,000 households in the region purchase and install solar power systems. The initiative envisages the development of a network of solar power suppliers, which will also provide maintenance services.

The foundation will work together with microfinance institutions and solar power suppliers to promote the use of solar systems with capacities of at least 50 kW. These installations will include solar panels, rechargeable batteries, light sockets and a plug for charging electrical devices, IDB said.

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