The Economic Community of West African States (ECOWAS) Centre for Renewable Energy and Energy Efficiency (ECREEE) has declared commitments to increasing household electricity access in the sub-region by 35% through renewable energy sources by 2020.
According to Naija247News, executive director Mahama Kappiah, said this in Abuja on Monday at a regional training for 17 renewable energy experts from English-speaking member states of the sub-region.
The centre noted that current household electricity access in the ECOWAS sub-region is below 50%, which is among the lowest globally.
ECREEE regional policies
However, Kappiah said the regional policies developed by ECREEE are aimed at increasing renewable energy access to 35% by 2020 and 48% by 2030.
He also stated that the policies are being adopted by the Heads of State and member states, and are currently engaged in developing national action plans.
He said: “The ECOWAS Energy Efficiency Policy aims to implement measures that would free 2,000MW of power generation capacity. Following the adoption of these policies, the Heads of State engaged member states to develop their national action plans towards the attainment of the goals of these policies.
“Every member state has developed their national action plans,” he added.
Kappiah noted that the Heads of State have said every country should develop an investment prospectus, “that is the investment requirement to meet this action plan that will take everybody to this target,” he added.
He further said that 10 countries have developed their investment prospectus adding that the other five countries would conclude theirs by the end of 2017.
“Once all this is done, then we, together with member states will go on the fund mobilisation to look for ways to get funding to support one another and get these plans implemented,” he said.
He also explained that the workshop for the 17 renewable energy entrepreneurs was part of the ECOWAS Renewable Energy Entrepreneurship Support Facility. Read more…
Kappiah added that the training would help participants develop project proposals, marketing strategies and learn how to access bank finance.
Also speaking at the event, the coordinator of the ECOWAS Community Development Programme, Guevera Yao, noted that accessing bank finance was a major challenge faced by entrepreneurs.
According to media, Yao said that the training would assist participants develop “bankable” projects.
“Bankable projects are those projects that really outline not just the technical aspect but the financial aspect specifically return on investment, risks involved, the mitigating factors and this is called a business plan.
“This is something that has been noted across the 15 member states; having a bankable project is so important to attract any financing,” he said.
Abimbola Odesanya, Environmental and Sustainability Officer for FCT and North, ECOBANK said that viable projects would be reviewed and the needs of the entrepreneurs would be taken consideration.
Odesanya explained: “We are here to offer our financial services; the aim of this training is to make sure the projects are bankable and there are some things the banks look out for before a project is financed.
“Most importantly is payment sources, we also look at customers’ cash flows to see if they can pay back; if the projects are viable and we see that they can repay the bank will be willing to partner.”
Featured image: Stock