HomeIndustry SectorsFinance and PolicySouth African renewable energy developer gains AfDB support

South African renewable energy developer gains AfDB support

The project’s source of biomass is agricultural, forestry and timber processing waste, which coupled with the gasification technology, presents significant CO2 emission reduction benefits, the AfDB noted.

The power plant is expected to deliver economic empowerment and boost the socio-economic development of the Harding community.

The viability of this project is anticipated to have a significant demonstration effect with regards to bioenergy while showcasing corporate power purchase agreements as an anchor for renewable energy generation.

“With the sponsor being a women-led business, the project is aligned with the Bank’s Affirmative Finance Action for Women in Africa and can have a significant demonstration effect,” said Ousseynou Nakoulima, AfDB’s renewable energy and energy efficiency director.

The funding has been approved under the bank’s multi-donor facility, Sustainable Energy Fund for Africa.

AfDB continues fighting climate change

In a separate statement, President of the AfDB Akinwumi Adesina, last week signed a partnership agreement with the Green Climate Fund in a fight against climate change effects. Read more…

If the fight against climate change is not won in Africa, it cannot be won anywhere else, Adesina said, adding “only by defeating the climate change threat in Africa can we reach a global solution.”

“Together with the Green Climate Fund, we can do a lot to move the continent towards low-carbon and climate-resilient development,” he added.

The Accreditation Master Agreement (AMA) allows accredited entities such as the AfDB to implement GCF-approved projects.

GCF executive director, Howard Bamsey said the partnership will be key in unlocking the potential across the African continent to pursue climate resilient and low-emission growth.

“The AfDB has already shown through its climate change action plan that it is committed to helping African countries implement their Nationally Determined Contributions (NDCs) under the Paris Agreement,” said Bamsey.


Featured image: Stock

Babalwa Bungane
Babalwa Bungane is the content producer for ESI Africa - Clarion Events Africa. Babalwa has been writing for the publication for over five years. She also contributes to sister publications; Smart Energy International and Power Engineering International. Babalwa is a social media enthusiast.