Africa needs US$100bn solar power investment
Africa needs to invest about US$100billion in solar power over the next decade if it is to wean itself from sources of energy which are widely regarded as unsustainable, Terje Pilskog, an expert in solar power generation, has said.
“These are enormous investments we are talking about for the next 10 years. We are talking about close to US$100billion in investment needs to meet the target in Africa. In order to make this happen, you will need to mobilise the private sector,” he added.
Mr. Pilskog, who is the Chief Operating Officer of Scatec Solar, a Norwegian energy company that constructed the continent’s largest solar plant in South Africa, was speaking to the B&FT on the sidelines of a meeting between Scatec Solar and stakeholders in the energy sector on lessons that can be drawn from its operations in South Africa.
AfDB Invests $25m in Africa's Renewable Energy
The African Development Bank (AfDB) on Friday, said it had approved an equity investment of 25 million dollars into the continent’s renewable Energy Fund (AREF) to fast track energy development.
The bank said that the approval for the investment was given by the bank’s Board of Directors on Wednesday.
CfC Stanbic and China's ICBC to fund 83 MW Kenya power project
The heavy fuel oil plant will be built by private power company Triumph Kenya. ICBC will provide $80 million of the debt financing while CfC Stanbic said in a statement it will provide the rest.
Kenya plans to add 5,000 MW of power supply capacity to the existing 1,664 MW generated by
Read more: CfC Stanbic and China's ICBC to fund 83 MW Kenya power project
Major Clean Energy Projects Move Forward in Kenya, Sierra Leone
Two major renewable energy projects in Kenya and Sierra Leone took big steps forward this week in a boost to the sector in sub-Saharan Africa.
Standard Bank Group said it had signed a deal with independent power producer Aeolus Kenya (AKL) to build a $150 million wind power plant
Read more: Major Clean Energy Projects Move Forward in Kenya, Sierra Leone
