Infrastructure asset management group, Africa50, has joined forces with the International Renewable Energy Agency (IRENA) for renewable energy projects on the continent.
The pact was signed Wednesday on the margins of the OPEC Fund Development Forum in Vienna, Austria, by IRENA director-general, Francesco La Camera and Africa50 chief executive officer Alain Ebobissé.
Under the agreement, the Casablanca-headquartered Africa50 pledged up to U$100 million to fund and co-finance renewables-based energy transition projects and infrastructure across Africa through IRENA’s Energy Transition Accelerator Financing (ETAF) platform, reinforcing efforts towards sustainable development and climate action across the continent.
This pact comes data shows that the number of people without access to electricity has increased significantly, according to La Camera.
“With sub-Saharan Africa representing the majority of those impacted, we must be diligent and committed to urgently addressing this growing issue. Renewables represent the most effective, climate-safe solution available, and this partnership with Africa50 will be pivotal in strengthening the ETAF Platform’s impact across Africa,” he said.
Ebobissé said Africa must focus on the dual goals of reducing emissions and accelerating economic development.
Investing in and developing transformational renewable infrastructure is a critical step to achieving net-zero. The IRENA ETAF platform will be an important launchpad to scaling and accelerating our investments into renewable projects that will ultimately reduce the negative impact of climate change on our people and help build a more sustainable future,” he said.
The ETAF platform, established in 2021 with support from the United Arab Emirates, aims to scale up renewable energy projects that contribute to nationally determined contributions (NDCs) in developing countries, while also bringing benefits to communities through enhanced energy access and security, and promoting economic growth and diversification.
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With Africa50 now on board, the ETAF Platform has grown to include 14 partners, pledging a total of US$4,15 billion, highlighting its role as one of the most inclusive financing platforms for a renewables-based energy transition. The partnership leverages IRENA’s global membership to attract project proposals through the ETAF Platform and Africa50’s expertise in project development and equity financing.
IRENA will in September co-host the Accelerated Partnership for Renewables in Africa (APRA) Investment Forum with the Kenyan government to connect projects developers with potential financiers through a curated matchmaking programme, as well as projects coming from APRA partners and other international organisations in support of APRA development goals.
IRENA is the lead intergovernmental agency for the renewables-based energy transition in pursuit of a systemic change across the energy sectors. A global energy agency comprised of 168 countries and the EU, with 15 additional countries in accession, IRENA provides knowledge, technical assistance and capacity building, project and investment facilitation. The agency enables international cooperation and partnerships to fight climate change and promote sustainable development, energy access, energy security and resilient economies and societies.
Africa50 is an infrastructure asset management group that contributes to Africa's growth by developing and investing in bankable projects, catalysing public sector capital and mobilising private sector funding, with differentiated financial returns and impact.
Africa50 currently has 34 shareholders that include 31 African countries, the African Development Bank, the Central Bank of West African States and Bank Al-Maghrib.
