Africa50, a prominent pan-African infrastructure investor, has announced a substantial investment of $100 million to support and co-finance renewable energy transition projects and infrastructure initiatives across the continent. This commitment follows an agreement with the International Renewable Energy Agency (IRENA) and will be directed through IRENA’s Energy Transition Accelerator Financing (ETAF) platform.
IRENA’s Director-General, Mr. Francesco La Camera, highlighted the significance of this partnership in advancing sustainable development and climate action in Africa, particularly in addressing the increasing number of people without access to electricity, predominantly in Sub-Saharan Africa.
In his remarks, Mr. Alain Ebobissé, CEO of Africa50, emphasized the dual objectives of reducing emissions and promoting economic development across Africa. He underscored the transformative role of investing in renewable infrastructure to achieve net-zero emissions and build a sustainable future.
The ETAF platform, established in collaboration with the United Arab Emirates in 2021, aims to scale up renewable energy projects aligned with countries’ Nationally Determined Contributions (NDCs). It aims not only to enhance energy access and security but also to foster economic growth and diversification within local communities.
With Africa50 joining as a partner, the ETAF Platform now boasts 14 partners and a total pledged amount of $4.15 billion. This expansion underscores its role as a leading inclusive financing platform for renewables-based energy transitions globally.
This initiative aligns with similar efforts, such as the World Bank’s Nigeria Distributed Access through Renewable Energy Scale-up (DARES) project, aimed at providing electricity access to millions through innovative financing solutions in Nigeria.
