Joint public-private effort to accelerate Africa’s sustainable energy transition through closer cooperation between European investors and industry partners.
Africa has vast renewable energy resources; and access to sustainable energy in Africa has the potential to boost prosperity and play a central role in the fight against climate change. Significant progress has been made but more can still be done to overcome barriers to investment in Africa’s clean energy transition.
EDFI, the Association of European Development Finance Institutions, is joining the public-private “renewAfrica initiative” to help boost these efforts at the sidelines of the COP 25 climate conference in Madrid.
Promoted by RES4Africa Foundation, renewAfrica is a European multi-stakeholder initiative that aims to scale-up the deployment of renewable energy in Africa and to advance European Commitment to Africa’s clean energy access. Officially launched on 4th June in Rome, the Initiative has been endorsed by 25 private and public sector actors who have signed a Declaration of Intent to commit their interest and participation to the initiative. renewAfrica partners aim to increase the number of bankable projects in the African renewable energy sector, which the European DFIs could potentially support.
“EDFI is joining other financiers and industry players in the renewAfrica initiative to help tackle barriers to investment in Africa’s renewable energy infrastructure. This is a top priority sector for European DFIs where we can have very significant impact. Stronger European cooperation in this area makes a lot of sense. Some of our members were on board from the beginning and EDFI will now join the steering committee to help take the initiative forward,” said Soren Peter Andreasen, CEO of EDFI.
“In just six months the renewAfrica Initiative has gained momentum and has received the endorsement of new organisations. The interest that the renewAfrica Initiative is raising clearly indicates the need and urgency for a new programme to support renewable energy investments in Africa” states Roberto Vigotti, Secretary General of RES4Africa Foundation, “We’re glad that the EDFI institutions also appreciate the unique value of renewAfrica, deciding to endorse the initiative: we can only go forward if backed by a strong and multi-sectorial partnership, which is both a distinguishing feature and a point of strength”.
The signatories of the Declaration of Intent are: AFRY, Cassa Depositi e Prestiti, COFIDES, DNV GL, Dutch Development Bank, EDFI, EDP Renewables, Enel Green Power, Enercon, European Investment Bank, GE Renewable Energy, GWEC, Intesa Sanpaolo, Nordex, Nordic Energy Research, Norfund, Prysmian, PwC, SDA Bocconi, Siemens Gamesa, SMA, Solar Power Europe, Soltec, Vestas, Wind Europe.