Africa50, a pan-African infrastructure investor and asset management group, has given $100 million to support and co-finance renewable energy transition projects and infrastructure throughout Africa.
According to a release, the investment follows an agreement between Africa50 and the International Renewable Energy Agency (IRENA).
It further stated that the investment would be made through IRENA’s Energy Transition Accelerator Financing (ETAF) platform.
According to an IRENA release, the agreement was signed on Tuesday on the sidelines of the OPEC Fund Development Forum in Vienna by IRENA Director-General, Mr Francesco La Camera, and Africa50 CEO, Mr Alain Ebobissé.
The statement released by the firm disclosed that the agreement was signed on Tuesday on the sidelines of the OPEC Fund Development Forum in Vienna by IRENA Director-General, Mr Francesco La Camera, and Africa50 CEO, Mr Alain Ebobissé. IRENA’s DG, La Camera, commented on the investment pledge, saying it reinforces efforts to promote sustainable development and climate action across the continent.
“For the first time in a decade, current data reveal that the number of people without access to power has risen dramatically.
“With Sub-Saharan Africa accounting for the vast majority of individuals affected, we must be diligent and committed to solving this increasing crisis as soon as possible.
Renewables are the most effective, climate-safe alternative available, and our collaboration with Africa50 will be critical in increasing the ETAF Platform’s impact throughout Africa, he said.
Ebobissé, CEO of Africa50, added: “The continent must prioritise decreasing emissions while also driving economic development. Investing in and creating revolutionary renewable infrastructure is a vital step towards reaching net-zero.
The ETAF platform, launched in 2021 with support from the United Arab Emirates, aims to scale up renewable energy projects that contribute to developing countries’ Nationally Determined Contributions (NDCs), while also benefiting communities through improved energy access and security, as well as promoting economic growth and diversification.
With Africa50 on board, the ETAF Platform has expanded to 14 partners pledging a total of $4.15 billion USD, confirming its role as one of the most inclusive finance platforms for a renewables-based energy transition.
The alliance takes advantage of IRENA’s global membership to attract project proposals via the ETAF Platform, as well as Africa50’s experience in project development and equity financing.
