Crossboundary Energy Access (CBEA), Africa’s first project financing facilities for mini-grids, is planning to unlock more than $11 billion from investors to bring electricity to at least 100 million people on the continent. The new financing facility attracted $16 million in its first close – enough to fund mini-grids that could connect 170,000 people, according to the organization. “Mini-grids are critical to achieving universal electrification in Africa at the least cost,” said Gabriel Davies, head of energy access at Crossboundary. Last month, The African Development Bank Group has approved equity investment of up to $25 million for the ARCH Africa Renewable Power Fund. The investment will support the bank’s ten-year strategy, which seeks universal electricity supply in sub-Saharan Africa.

Source: The North Africa Journal February 09, 2019 08:48 UTC