HomeIndustry SectorsBusiness and marketsPower Africa, Africa50 deal to attract financing in SSA power sector

Power Africa, Africa50 deal to attract financing in SSA power sector

A Memorandum of Understanding signed by Power Africa and Africa50 aims to attract investments in the energy industry in sub-Saharan Africa.

The two will develop innovative public-private partnership models at the country and regional levels throughout the region.

Koffi Klousseh, Africa50’s project development director, stated: “Energy generation and transmission are among the most pressing infrastructure needs in Africa, with important economic multiplier effects. To successfully develop energy sector projects requires collaboration among all stakeholders, so we are pleased to partner with the Power Africa initiative and look forward to working with its experienced member companies and organisations to implement power projects on the continent.” 

Richard Nelson, a deputy coordinator of Power Africa, added: “This new partnership underscores Power Africa’s commitment to partnering with African institutions. We are looking forward to deepening our collaboration with Africa50 to finance new energy and transmission projects in sub-Saharan Africa.”

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Power Africa is a US government-led partnership, coordinated by USAID, that brings together the collective resources of over 170 public and private sector partners to double access to electricity in sub-Saharan Africa. 

The goal is to add more than 30,000MW of cleaner, more efficient electricity generation capacity and 60 million new home and business connections by 2030. 

As of July 2019, 56 of Power Africa’s 124 financially closed projects are producing 3,486MW.

Africa50 is an infrastructure investment platform that contributes to Africa’s growth by developing and investing in bankable projects, catalysing public sector capital, and mobilising private sector funding.

Africa50’s investor base is currently composed of 28 African countries, the African Development Bank, the Central Bank of West African States, and Bank Al-Maghrib, with over $876 million in committed capital.

Originally published on smart-energy.com