In a bid to improve the power sector in Africa, the board of directors of the African Development Bank (AfDB) has approved an equity investment of around 25 million USD in the ARCH Africa Renewable Power Fund (ARPF). The ARPF, which is a 250 million USD private equity fund for renewable energy project across sub-Saharan Africa, will provide the fund for construction of over 10 greenfield renewable energy project focusing on wind, solar, small and medium hydro, geothermal and biomass power generation technologies. This project will add approximately 533MW of installed energy generation capacity from renewable sources in the region. Renewable technologies require additional support to be fully competitive over fossil fuel-based energy generation,” said Amadou Hott, the Bank’s Vice-President for Power, Energy, Climate Change & Green Growth. ARPF will also assist governments in meeting their renewable energy objectives through on-and off-grid renewable energy technologies.

Source: The North Africa Journal January 24, 2019 15:11 UTC