EU bank provides €25 million investment in African off-grid solar

The European Investment Bank (EIB) has this week announced its plans to invest in innovative solar systems to provide power to rural communities on the African continent.

The €25m of financing into the San Francisco-based company d.light design will enable the development of solar kits, consisting of panels, lamps and low-energy equipment, such as radios or TVs.

The bank is hoping the investment can lead to the installation of 10 million such kits within sub-Saharan Africa over the next five years. The initial focus for the programme will be on Ethiopia, Kenya, Nigeria, Tanzania and Uganda.

“I am delighted that the EIB has signed this new financing with d.light in Africa for an off-grid solar project that will have a major economic and social impact on people and micro-entrepreneurs,” said EIB Vice-President Ambroise Fayolle.

The investment forms part of the EIB’s strategy to finance renewable energy projects, particularly solar, in developing countries to alleviate poverty and combat climate change. The bank has financed a reported €6.3 billion worth of solar projects over the past 15 years, with €1 billion coming in 2017 alone.

“The EU bank is determined to implement the Paris climate agreement and to cooperate to achieve the sustainable development goals, particularly when it comes to ensuring access to affordable, reliable and sustainable energy for all. With its unique technical and financial expertise in the support of solar projects, the EIB will mobilise new investments to develop renewable energies in Africa.”

The scheme follows similar moves by the African Development Bank (ADB); earlier this year the bank helped mobilise $55m of new money to support off-grid solar in East Africa, as well as Côte d’Ivoire, Ghana and Nigeria. The investment forms part of the ADB’s plan to connect 29 million people on the continent with electricity by 2020. Overall, an estimated 640 million Africans lack access to energy.

News published on Climate Action Programme
Consult the source


Moderated by : La rédaction C21

Other news in "Information"

Financial viability of NZEBs through AdoRes : Abracadabra financial tools and lessons learnt to support the building energy revolution

Published 18 Jan 2019 - 10:53

ABRACADABRA team is glad to invite you to the webinar “Financial viability of NZEBs through AdoRES: ABRACADABRA financial tools and lessons learnt to support the building energy revolution” .31 January 2019 at 10:00-11:30 CET. The (...)

EU group invites feedback on sustainable finance definition

Published 17 Jan 2019 - 15:33

The Technical Expert Group on Sustainable Finance (TEG) set up by the European Commission has requested feedback on the development of an EU-wide classification system for environmentally sustainable economic activities. A unified (...)

The financing of renovation in the social housing sector

Published 16 Jan 2019 - 14:12

If one wants to have a short look back at how the European policymakers have dealt with the topic of renovation of housing over the last few years, 2010 would probably be a turning point. That year, on the one hand, the Global Financ (...)


Comments





Search through the news

Enter your own key word



Other news



Categories


Most read articles