The Sustainable Energy Facility for Africa (SEFA), managed by the African Development Bank (AfDB), has granted US$760,000 to develop at least eight small renewable energy projects in countries south of the Sahara. The funds will be managed by Empower New Energy AS (EmNEW). They will finance the start-up and development phases of the projects.
The African Development Bank (AfDB) reaffirms its vision for a continent that develops through clean and accessible energy for all. A press release published on April 15, 2020 on the AfDB website informs that the Sustainable Energy Facility for Africa (SEFA), of which it is the manager, has released a grant of US$760,000 for the development of at least eight small renewable energy projects with a capacity ranging from 1 to 10 megawatts in sub-Saharan Africa.
The activities to be financed by the grant range from project preparation to project development, technical feasibility studies, legal due diligence, environmental and social impact assessment, quality assurance and risk management.
A grant managed by EmNEW
The subsidy from the Sustainable Energy Facility for Africa (SEFA) will be managed by Empower New Energy AS (EmNEW), a European fund manager, which invests in small- and medium-scale renewable energy projects in Africa, with a focus on solar, hybrid and hydropower technologies.
“There are a large number of sound small- and medium-scale projects in Africa that are not being implemented because they cannot access competitive financing. Our approach allows us to fill this gap. And working with the Sustainable Energy Facility for Africa will help us build financial credibility and support more high-quality projects. Together, we can bring high-impact investments to Africa, while helping the continent achieve its electrification, carbon reduction and sustainable development goals,” said Terje Osmundsen, CEO of EmNEW.
These investments come at a time when the renewable energy curve in Africa is falling. According to the annual report ‘Renewable Capacity Statistics 2020’ published by the International Renewable Energy Agency (IRENA), Africa’s renewable capacity increased by only 2 gigawatts (GW) in 2019, half of the 4 GW that had been installed in 2018.
Boris Ngounou
