Industries News.Net

"Africa 50" Fund joins "ITAF" and pledges to provide USD 100 million to spread renewable energy in Africa

25 Jun 2024

Dubai [UAE], June 25 (ANI/WAM): Today, the International Renewable Energy Agency (IRENA) signed a cooperation agreement with the Africa 50 Fund, an investor and asset manager in infrastructure projects across the African continent, to accelerate the deployment of renewable energy in Africa.

In this agreement, the Fund pledged to provide up to US$100 million to participate in financing energy transition projects and infrastructure based on renewable energy sources in Africa through the Energy System Transformation Acceleration Platform (ETAF), which enhances sustainable development efforts and climate action throughout Continent.

The agreement was signed today on the sidelines of the OPEC Fund Development Forum in Vienna by Francesco La Camera, Director General of IRENA, and Alain Ebobisi, CEO of the Africa 50 Fund.

La Camera said that the data showed, for the first time in ten years, that the number of people deprived of electricity has increased significantly, and the majority of them live in sub-Saharan Africa, which necessitates making every effort to address this worsening problem urgently, noting that Renewable energy sources represent the most effective and climate-safe solution, which is why the partnership with the Africa 50 Fund plays a pivotal role in increasing the impact of the energy system transformation acceleration platform across Africa.

Alain Ebubisi, CEO of the Africa 50 Fund, said: The African continent should focus on reducing emissions and accelerating economic development, as investing in renewable energy infrastructure is a crucial transitional step to achieving net zero emissions, and the "ETAF" platform will represent an important starting point for expanding and accelerating The scope of our investments in renewable energy projects that will ultimately contribute to reducing the catastrophic impact of climate change on our people.

The ITAF platform, which was established in 2021 with support from the UAE, aims to expand the scope of financing renewable energy projects that support nationally determined contributions in developing countries, in addition to achieving benefit for communities by facilitating access to energy sources, ensuring energy security, and advancing Economic growth and diversification.

With the addition of the Africa 50 Fund, ITAF now has 14 partners who have pledged a total of $4.15 billion, demonstrating its growing role as a comprehensive and effective financing instrument for the energy transition.

This partnership benefits from IRENA's global membership to attract project proposals via the ITAF platform, as well as the Africa 50 Fund's experience in project development and equity financing.

It is noteworthy that IRENA will cooperate with the Kenyan government to host the investment forum for the "Accelerated Partnership for the Dissemination of Renewable Energy in Africa" initiative, scheduled to be held on September 1, 2024. The forum aims to facilitate project developers' communication with potential financiers through an organized program to align interests and discuss partner projects. The "Accelerated Partnership for Renewable Energy in Africa" initiative and other international organizations to support the development goals of this initiative. (ANI/WAM)

Copyright ©1998-2024 Industries News.Net | Mainstream Media Limited - All rights reserved