$100 Million Boost for Renewable Energy as Africa50 Partners with IRENA

In a landmark move set to reshape Africa’s energy landscape, Africa50, the pan-African infrastructure investment platform, has announced a $100 million partnership with the International Renewable Energy Agency (IRENA). This groundbreaking collaboration, revealed today, aims to fund and co-finance renewable energy projects across the continent through IRENA’s Energy Transition Accelerator Financing (ETAF) platform.

The partnership comes at a critical juncture for Africa, where recent data shows a troubling increase in the number of people without access to electricity, particularly in Sub-Saharan Africa. “This initiative couldn’t be more timely,” said Alain Ebobissé, CEO of Africa50. “Renewable energy is not just an environmental imperative; it’s the most effective, climate-safe solution to our energy access crisis.”

Africa faces the dual challenge of reducing emissions while accelerating economic development. The Africa50-IRENA partnership addresses this by focusing on sustainable, renewable energy infrastructure crucial for powering the continent’s future growth. “We’re not just building power plants; we’re laying the foundation for Africa’s prosperity,” Ebobissé emphasized.

This collaboration leverages the complementary strengths of both organizations. IRENA brings its global expertise and network, while Africa50 contributes to its robust project development and financing capabilities. This synergy is expected to significantly scale up renewable energy investments across Africa.

“By combining our resources and know-how, we’re creating a powerhouse for renewable energy development in Africa,” said Francesco La Camera, Director-General of IRENA. “This partnership has the potential to transform the continent’s energy sector.”

With Africa50’s commitment, the ETAF platform has expanded to include 14 partners, with a total of $4.15 billion pledged to support the renewables-based energy transition in developing countries. This growth underscores the increasing influence and impact of the platform in driving clean energy adoption.

A key component of this partnership is the upcoming Accelerated Partnership for Renewables in Africa (APRA) Investment Forum, scheduled for September 2024. Co-hosted by IRENA and the Kenyan government, the event will connect renewable energy project developers with potential financiers. “The APRA forum is where ideas will meet capital, catalyzing the next wave of clean energy projects across Africa,” La Camera explained.

The impact of this partnership is expected to extend far beyond the immediate $100 million commitment. It signals growing momentum around renewable energy in Africa and could inspire similar initiatives across the continent.

Energy experts are hailing the move as a potential game-changer. Dr. Amani Abou-Zeid, African Union Commissioner for Infrastructure and Energy, commented, “This partnership between Africa50 and IRENA sends a strong message about Africa’s commitment to sustainable development and climate action.”

As African nations prepare for the upcoming UN Climate Change Conference (COP29) later this year, this collaboration serves as a concrete example of the continent’s proactive approach to addressing climate change and energy access challenges.

The Africa50-IRENA partnership represents a significant step towards powering Africa’s sustainable future. By bridging the energy access gap, aligning sustainability with economic development, and connecting investors with innovative projects, this initiative has the potential to illuminate millions of homes and businesses across the continent with clean, renewable energy.

As the sun sets on traditional energy sources, Africa is positioning itself at the forefront of the global energy transition. With partnerships like this lighting the way, the future of Africa’s energy sector looks brighter than ever. Read more: Eskom Boosts Grid by 800MW as Kusile Unit 5 Enters Commercial Operation.