- AfDB approves $164m for off-grid energy access in Africa.
- The funds are part of the bank’s LEAF $800m financing scheme to support off-grid developers in 6 countries.
The African Development Bank Group (AfDB) is set to provide about $164 million for decentralised clean energy projects in six countries. The fund provided under the Leveraging Energy Access Finance Framework (LEAF) scheme was approved by the bank’s board of directors last week. The financing is part of an $800 million programme that supports decentralised clean energy companies in Ghana, Guinea, Ethiopia, Kenya, Nigeria and Tunisia.
Under LEAF, the AfDB will finance 18 solar home systems, mini-grids and commercial and industrial solar projects. These projects are expected to provide energy access to about six million people and businesses, reducing carbon emissions by 28.8 million tonnes over their lifetime.
The LEAF scheme was established alongside the Green Climate Fund, which committed $170.9 million in concessional financing last year. The scheme is part of the AfDB’s off-grid strategy under the New Deal on Energy for Africa.
According to AfDB’s acting director in charge of Renewable Energy and Energy Efficiency, Daniel Schroth, the programme’s approval will increase the bank’s capacity to support the accelerating decentralised energy access market in the continent.