Renewable energy: Africa50 joins ETAF IRENA platform and donates $100 million – Tech | Business

The International Renewable Energy Agency (IRENA) has entered into a landmark partnership with Africa50, a pan-African infrastructure investor and asset management group.

As part of the agreement, Africa50 has committed to committing up to USD 100 million to finance and co-finance renewable energy transition projects and infrastructure across Africa through IRENA’s Energy Transition Accelerator Financing (ETAF) platform, strengthening efforts for sustainable development and action climate in all countries. continent.

The agreement was signed today on the sidelines of the OPEC Funds Development Forum in Vienna by Francesco La Camera, Director General of IRENA, and Alain Ebobissé, Director General of Africa50.

“For the first time in a decade, the latest data shows that the number of people without access to electricity has increased significantly,” he added. said Mr. La Camera. “As sub-Saharan Africa makes up the majority of those affected, we must remain diligent and committed to urgently addressing this growing problem. Renewable energy sources represent the most effective and climate-safe solution, and the partnership with Africa50 will be crucial to strengthening the impact of the ETAF platform in Africa.”

Mr. Alain Ebobissé, CEO of Africa50, said:

“The continent must focus on the twin goals of reducing emissions and accelerating economic development. Investing in and developing transformative renewable infrastructure is a key step towards achieving net zero emissions. The IRENA ETAF platform will be an important starting point for scaling and accelerating our investments in renewable energy projects that will ultimately reduce the negative impacts of climate change on our people and help build a more sustainable future.”

Established in 2021 with support from the United Arab Emirates, the ETAF platform aims to scale up renewable energy projects that contribute to Nationally Determined Contributions (NDCs) in developing countries, while benefiting communities through greater access to energy and energy security and promoting economic growth and diversification.

With the addition of Africa50, ETAF has grown to 14 partners contributing a total of $4.15 billion, underscoring its role as one of the most inclusive financing platforms for the renewable energy transition.

The partnership leverages IRENA’s global membership to attract project proposals through the ETAF platform and Africa50’s expertise in project development and equity financing.

Later this year, on September 1, 2024, IRENA will co-host the Accelerated Renewable Energy Partnership for Africa (APRA) Investment Forum with the Government of Kenya to connect project developers with potential financiers through a curated matchmaking program, as well as projects originating from Partners APRA and other international organizations supporting APRA’s development objectives.