African Development Bank (AfDB) joins the $800 million program will help spur commercial and local currency investments to scale up the activities of decentralized renewable energy companies in Ghana, Guinea, Ethiopia, Kenya, Nigeria, and Tunisia. The Board of Directors of the African Development Bank Group approved the Leveraging Energy Access Finance Framework (LEAF), under which the Bank will commit up to $164 million to promote decentralized renewable energy in six African countries. Under LEAF, some 18 decentralized renewable energy projects are expected to be financed, providing access to six million people and businesses, resulting in 28.8 million tonnes CO2 eq. Scaling up decentralized renewable energy (solar home systems, green mini-grids, and solar solutions for commercial and industrial use) is crucial to achieving the SDG7 objectives and requires significant private sector and local currency financing. The Bank’s Acting Director in charge of Renewable Energy and Energy Efficiency Department, Dr. Daniel Schroth, added: “The approval of this program is very timely as it increases the Bank’s toolbox to support the fast-moving decentralized energy access market which complements conventional grid-connected solutions.”

Source: Ethiopian News February 19, 2022 00:08 UTC