Infrastructure investment and asset management company Africa50 has pledged up to $100-million to fund and co-finance renewables-based energy transition projects and infrastructure across Africa through the International Renewable Energy Agency's (Irena's) Energy Transition Accelerator Financing (ETAF) platform.
The collaborative partnership with Africa50 reinforces the ETAF platform's efforts towards sustainable development and climate action across the continent.
“The continent must focus on the dual goals of reducing emissions and accelerating economic development. Investing in and developing transformational renewable infrastructure is a critical step to achieving net zero,” says Africa50 CEO Alain Ebobissé.
“The Irena ETAF platform will be an important launchpad to scaling and accelerating our investments into renewable projects that will ultimately reduce the negative impact of climate change on our people and help build a more sustainable future,” he says.
The partnership leverages Irena’s global membership to attract project proposals through the ETAF platform and Africa50’s expertise in project development and equity financing.
“Renewables represent the most effective, climate-safe solution available, and this partnership with Africa50 will be pivotal in strengthening the ETAF platform’s impact across Africa,” says Irena director-general Francesco La Camera.
“For the first time in a decade, the most recent data show that the number of people without access to electricity has increased significantly. With sub-Saharan Africa representing the majority of those impacted, we must be diligent and committed to urgently addressing this growing issue,” he emphasises.
The ETAF platform, established in 2021 with support from the United Arab Emirates, aims to scale up renewable-energy projects that contribute to Nationally Determined Contributions in developing countries, while also bringing benefits to communities through enhanced energy access and security, and promoting economic growth and diversification.
With Africa50 now on board, the ETAF platform has grown to 14 partners, pledging a total of $4.15-billion, highlighting its role as one of the most inclusive financing platforms for a renewables-based energy transition.
Meanwhile, Irena will co-host the Accelerated Partnership for Renewables in Africa (APRA) Investment Forum with the Kenyan government in September. This will aim to connect project developers with potential financiers through a curated matchmaking programme, as well as projects coming from APRA partners and other international organisations, in support of APRA development goals.