Germany pledges $ 116 million for renewable energy in Africa

gGermany has pledged US $ 116 million to the African Development Bank’s (AfDB) Sustainable Energy Fund for Africa (SEFA) to support private investment in renewable energy in Africa.

The funds will be injected into the Fund for Sustainable Energy in Africa (SEFA) which aims to unlock private sector investments that contribute to universal access to affordable, reliable, sustainable and modern energy services in Africa.

Sefa provides financing to renewable energy and energy efficiency suppliers. Recently, the fund participated in the mobilization of the Africa Renewable Energy Fund II (AREF II). This fund managed by Berkeley Energy finances clean energy projects, including wind, solar, run-of-river hydroelectric and storage projects in Africa.

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Capitalization objective

Mr. Daniel Schroth, AfDB Acting Director for Renewable Energy and Energy Efficiency who revealed the report, said German funding would support technical assistance and investments in the generation, transmission and distribution of energy. electricity to increase the penetration of renewable energies in African networks.

“Germany’s new contribution is a major boost in reaching Sefa’s capitalization target of $ 500 million. It is also a recognition of Sefa’s catalytic role in accelerating Africa’s energy transition and supporting clean energy access solutions, ”said Daniel Schroth.

Berlin’s funding is part of the G20 Compact for Africa (CwA). This initiative, launched under the German presidency of the G20 in 2017, aims to promote private investment in Africa, particularly in infrastructure. CwA also aims to increase the attractiveness of private investment by substantially improving macroeconomic, commercial and financial frameworks. CwA works in partnership with Benin, Burkina Faso, Côte d’Ivoire, Egypt, Ethiopia, Ghana, Guinea, Morocco, Rwanda, Senegal, Togo and Tunisia.

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