AfDB green energy investments achieve 1400 MW power generation projects

• 6 years ago (2018-01-03)
• David Flin

Africa 303 Wind 239

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The African Development Bank (AfDB) said it has achieved a 100 per cent investment in renewable energy in 2017, and recorded a total of 1400 MW of power generation projects from exclusively renewable sources in 2017.

Akinwumi Adesina, President of the AfDB, said: “We are clearly leading on renewable energy. We will help Africa unlock its full energy potential while developing a balanced energy mix to support industrialisation. Our commitment is to ensure 100 per cent climate screening for all bank financed projects.”

The share of renewable energy projects as a portion of the Bank’s portfolio of power generation investments increased from 14 per cent in 2007-2011, to 64 per cent in 2012-2016. The Africa Renewable Energy Initiative (AREI), which has a goal of delivering 300 GW of renewable energy by 2030, and 10 GW by 2020, is now based within the Bank, as requested by African Heads of State and Government.

The G7 had also promised to commit $10 billion to support the initiative.

As part of its wider mandate under the New Deal on Energy for Africa, the Board of Directors of the AfDB approved an investment of $20 million in the Evolution II Fund – a Pan-African clean and sustainable energy private equity fund. The AfDB said that its investment in the Evolution II Fund reflects its development priorities, the agenda to provide power to Africa, and its commitment to promote renewable energy and efficiency in Africa.