The European Investment Bank (EIB) has signed a $25 million financing plan for the installation of off-grid solar systems, to strengthen energy access in Africa.
EIB vice president, Ambroise Fayolle, announced the project at the 6th African CEO Forum in Abijan, Cote ‘Ivoire and stated the focus countries are; Ethiopia, Kenya, Tanzania, Nigeria and Uganda. The project will boost power delivery to both rural and suburban populations.
The bank will be working with d.light Design to supply energy through solar kits rather than through grid connection. The kits are inexpensive for users and utilise a pre-payment system.
European Investment Bank: financing
Fayolle said the EU financing would enable d.light design to develop the installation of solar kits, including the panels and lamps, as well as low-energy equipment such as radios and TVs, in sub-Saharan Africa with the ambitious goal of reaching 10 million solar installations within five years.
“I am delighted that the EIB has signed this new financing with d.light in Africa for an off-grid solar project that will have a major economic and social impact on people and micro-entrepreneurs.
“The EU bank is determined to implement the Paris climate agreement and to cooperate to achieve the sustainable development goals, particularly when it comes to ensuring access to affordable, reliable and sustainable energy for all. With its unique technical and financial expertise in the support of solar projects, the EIB will mobilise new investments to develop renewable energies in Africa,” Fayolle said.
Climate action and the development of renewable energies are major priorities both inside and outside the EU.
The EIB has confirmed that it plans to expand its activities to support the development of solar power infrastructure in developing regions to support emerging economies.Since 2002, the EIB has allocated €6.3 billion ($7.9 billion) to financing solar projects, with 50% going to emerging and developing economies.