IRENA and Africa 50 Fund Team Up to Boost Renewable Energy in Africa

The International Renewable Energy Agency (IRENA) and the Africa 50 Fund have signed a cooperation agreement to speed up the deployment of renewable energy in Africa. The Africa 50 Fund, an investor in infrastructure projects across Africa, has pledged up to $100 million to finance energy transition projects through the Energy System Transformation Acceleration Platform (ETAF).

The agreement was signed at the OPEC Fund Development Forum in Vienna by Francesco La Camera, Director General of IRENA, and Alain Ebobisi, CEO of the Africa 50 Fund. La Camera highlighted the urgent need to address the increasing number of people without electricity in sub-Saharan Africa, emphasizing that renewable energy is the most effective and climate-safe solution.

Alain Ebobisi stated that investing in renewable energy infrastructure is crucial for reducing emissions and accelerating economic development in Africa. The ETAF platform, established in 2021 with support from the UAE, aims to expand financing for renewable energy projects in developing countries, ensuring energy security and promoting economic growth.

With the addition of the Africa 50 Fund, ETAF now has 14 partners who have pledged a total of $4.15 billion. This partnership leverages IRENA’s global membership to attract project proposals and the Africa 50 Fund’s expertise in project development and financing.

IRENA will also collaborate with the Kenyan government to host the investment forum for the ‘Accelerated Partnership for the Dissemination of Renewable Energy in Africa’ initiative on September 1, 2024. The forum aims to connect project developers with potential financiers to support the development goals of this initiative.