• Saturday, June 15, 2024
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Africa50 signs solar project financing deal with International Solar Alliance

Africa50, signs solar project financing deal with International Solar Alliance

Africa50, the pan-African infrastructure investment platform, has signed an agreement with the International Solar Alliance (ISA), a collaborative platform for increased deployment of solar energy technologies, to support and finance solar projects in Africa.

According to a statement by Africa50, the partnership will advance the organisations’ mutual goal of increasing the deployment of solar, improving energy access, ensuring energy security, and driving the energy transition around the world.

Delivering the keynote remarks at the event, Faure Gnassingbé, President of the Republic of Togo, said there are huge needs for infrastructure, without which development is not possible in Africa.

“This is at the heart of our roadmap. The involvement of the private sector in infrastructure is unavoidable and this means we must develop more bankable projects.

“Government involvement is also essential to attract foreign capital, and this is why it is important for governments to provide a stable and transparent economic environment that is receptive to economic actors,” he added.

Africa50 works with African governments and project sponsors to develop bankable projects that can be financed by the private sector and invest equity in infrastructure projects.

Its most recent investment in the area is the 400MW Benban Solar Plants in Egypt, the largest in Africa, which is currently supplying clean power to over 1.5 million people in the country.

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“Clean energy and a sustainable transition are core pillars of Africa50’s investment strategy. ISA and its network represent a wealth of knowledge and connectivity in the solar space that the African continent can benefit from,” said Alain Ebobissé, Chief Executive Officer of Africa50.

“We are excited to work with ISA to identify, fund, and develop bankable solar projects in Africa that will support the continent’s transition to Net-zero.”

In addition to strengthening capacity, synergising policy changes, and promoting investments in solar capacity amongst its Member Countries, ISA is initiating a Solar Finance Facility to mitigate investment risk and a SolarX Startup Challenge to identify and support innovative solar projects for investment.

Ajay Mathur, Director General of the ISA, said together, ISA and Africa50 embody the potential to empower millions of individuals, ushering in a new era of sustainable prosperity.

“This collaboration between ISA and Africa50 promises to power many households with clean and affordable energy necessary for progress in countries like Togo and the African continent at large.

“Together we hope to work on the provision of technical expertise to facilitate the development and execution of solar projects across African nations, joint mobilisation of funds to co-finance solar initiatives within the region, leveraging ISA’s extensive network of Member Countries and partners, and Africa50’s access to robust capital markets.

“Focus will also be on raising public awareness and fortifying capacity-building endeavours for African solar power projects”.

The two organisations will also engage in mutual capacity building and seek to leverage each other’s networks to mobilise funding and raise awareness of African solar projects in European and Indian markets.