- The Africa50 financing will facilitate renewable energy transition projects through IRENA’s Energy Transition Accelerator Financing (ETAF) platform.
- With Africa50’s partnership, the ETAF Platform now has 14 partners, committing a cumulative $4.15 billion.
Africa50, a pan-African infrastructure investor and asset management group, has pledged to commit $100 million to renewable energy projects across Africa. In partnership with the International Renewable Energy Agency (IRENA), the financing is to fund and co-finance renewable and infrastructure projects in Africa.
Africa50 signed the agreement on the sidelines of the Organisation of Petroleum Exporting Countries (OPEC) Fund Development Forum in Vienna, Austria, last week. The firm will execute the renewable energy transition projects through IRENA’s Energy Transition Accelerator Financing (ETAF) platform.
IRENA established the ETAF platform in 2021 with support from the United Arab Emirates. The program aims to scale up renewable energy projects contributing to Nationally Determined Contributions (NDCs) in developing countries.
In addition, it targets benefiting communities through enhanced energy access and security and promoting economic growth and diversification. The IRENA and Africa50 partnership reinforced efforts towards sustainable development and climate action across the continent.
The Director-General of IRENA, Mr Francesco La Camera, stated that most recent data show that the number of people without access to electricity has increased significantly for the first time in a decade, with the majority in Sub-Saharan Africa.
“We must be diligent and committed to urgently addressing this growing issue. Renewables represent the most effective, climate-safe solution available, and this partnership with Africa50 will be pivotal in strengthening the ETAF Platform’s impact across Africa,” the DG added.
Furthermore, with Africa50’s partnership, the ETAF Platform now has 14 partners, committing a cumulative $4.15 billion. This underscores its stature as a premier financing platform for advancing renewable energy transitions inclusively.
The collaboration harnesses IRENA’s international membership to draw project proposals through the ETAF Platform while benefiting from Africa50’s proficiency in project development and equity financing.