- Africa50 and IRENA join forces to boost renewable energy projects across Africa.
- September 2024 event to connect developers with financiers, driving new clean energy initiatives.
- The partnership adds to ETAF’s $4.15B fund, reflecting the growing momentum for renewable energy in developing countries.
Africa50 and the International Renewable Energy Agency (IRENA) have announced a $100 million partnership to advance renewable energy projects across Africa. This deal, launched through IRENA’s Energy Transition Accelerator Financing (ETAF) platform, comes as the continent faces a rise in electricity access issues, particularly in Sub-Saharan Africa.
“This initiative is timely,” said Alain Ebobissé, CEO of Africa50. “Renewable energy is crucial to solving our energy access crisis in a climate-safe way.”
Africa’s energy challenge is to reduce emissions while boosting economic growth. The Africa50-IRENA partnership aims to build sustainable energy infrastructure to power future development. “We’re not just building power plants; we’re laying the foundation for prosperity,” Ebobissé emphasised.
This alliance combines IRENA’s global network and expertise with Africa50’s project development and financing strengths. “Together, we create a strong engine for renewable energy development,” noted Francesco La Camera, IRENA’s director-general. This partnership can transform Africa’s energy sector.”
With Africa50’s commitment, ETAF now includes 14 partners, and $4.15 billion has been pledged for renewable energy transitions in developing countries.
A vital part of this partnership is the Accelerated Partnership for Renewables in Africa (APRA) Investment Forum, set for September 2024. Co-hosted by IRENA and the Kenyan government, the forum will connect renewable energy developers with financiers. “The APRA forum will unite ideas and capital to drive clean energy projects across Africa,” La Camera said.
Energy experts see this partnership as a potential game-changer. Dr Amani Abou-Zeid, African Union Commissioner for Infrastructure and Energy, commented, “This collaboration shows Africa’s strong commitment to sustainable development and climate action.
As Africa prepares for the UN Climate Change Conference (COP29) later this year, the Africa50-IRENA alliance highlights the continent’s proactive stance on climate and energy challenges.
This partnership is a significant step toward a sustainable energy future in Africa. It aims to bridge the energy access gap while supporting economic growth. As Africa shifts towards renewable energy, initiatives like this promise to bring clean power to millions of homes and businesses, positioning the continent at the forefront of the global energy transition.