This report assesses the role of publicinterventions in mobilizing commercial financing forgrid-connected solar projects in seven developing countries- Chile, India, Maldives, Morocco, the Philippines, Senegal,and South Africa. Desktop research is complemented byinterviews with development professionals, academics, andpublic officials, and the results of an online surveydeveloped to gain insights and perspective from privatedevelopers and other commercial capital providers. The focusis on the ability to attract commercial investors andlenders, without analysis of the financing terms. The scopeis limited to utility-scale, grid-connected projects becauseof the risk concentration inherent to large projects and theimportance of large-scale investments in clean energy forthe transition toward low carbon development pathways. Theanalysis puts into perspective the linkages between globaland country-specific factors, the complexity andmultifaceted nature of the choices that decision makersface, and their rationale for pursuing a specific course ofaction.The report is intended for policy makers anddevelopment partners, including development banks and otherdonors providing technical assistance in developingcountries. It should also be of interest to investment andcommercial banks, developers, investors, and other playersactive in the solar market. For governments and policymakers, the findings are expected to inform decisions onallocating public financing for leveraging commercialinvestments and inform their decision-making process. Fordevelopment partners, the report provides a usefulperspective on their efforts to attract non-public sourcesof financing in support of the development agenda.
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