Invest in African (IAE) 2024 Forum unfolds Alternatives in unlocking Financing for Renewable Energy Projects in the Landmass

By Abdul Rahman Bangura-

Solar Plant
Photo Credit: Oliytech Solar

NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- Held in Paris on May 14th, 2024 Africa’s solar power aptitude exemplifies myriads of chances for investors seeking long-term, scalable financial hopes.

It encircled independent power producer ENGIE Energy Access, featured a robust discussion around solar energy deployment. Committed to raising electrification rates across the continent, the company is developing a $60 million mini-grid project in Nigeria, which is set for completion by 2026 and is poised to connect over 150,000 people to the grid.

“More than 600 million people lack access to electricity, and ENGIE Access’ goal is to bridge this gap,” noted ENGIE Energy Access Head of Funding Marie Testard, adding, “ENGIE Energy Access is the energy access company that s schedules to lay this solution in sub-Saharan Africa, and so far, we have a presence in nine nations, building almost 10 GW of mini-grids.” Meanwhile, having secured $222.5 million in commitments from African institutional investors in January, pan-African infrastructure investment platform Africa50 Group is well placed to lay a pipeline of renewable energy infrastructure projects.

The fund is set forth to fiddle a crucial role in addressing the continent’s energy needs while promoting inclusive and sustainable development.

“The African continent has a lot of renewable resources and the highest solar potential in the world, with only 5 GW of installed solar capacity so far,” stated.

For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent