Energy

European Commission to invest €300m to support renewable energy in Africa

The European Commission has invested  €300 million in funding in the African Union led Africa Renewable Energy Initiative for sustainable energy projects.

The €300 million is expected to leverage total investments amounting to €4.8 billion, adding 1.8 Gigawatts of new renewable energy generation in Africa.

 Commissioner for International Cooperation and Development, Neven Mimica, announced the preparation of 19 new renewable energy projects, with a total potential investment of €4.8 billion.

 “With these 19 new projects, potentially worth €4.8 billion of investments, the European Union is delivering on its promises. We are turning our pledges into real projects with true impact on the ground. The EU hereby reaffirms its leading role in supporting the African continent in the promotion of renewable energies for the improvement of energy access for African citizens.” said Commissioner Mimica.This will contribute to the European Commission’s aim for 2020: to give 30 million more people access to sustainable energy, to save 11 million tonnes of carbon dioxide annually, and to help generate 5 Gigawatts of new renewable energy in Africa.

This represents half of the Africa Renewable Energy Initiative‘s overall target, as one of AREI’s key objectives is to generate 10 Gigawatt of new renewable energy in Africa by 2020, and to unlock Africa’s potential to generate as much as 300 Gigawatt from renewable energy by 2030.

The EU’s development funding towards sustainable energy in Sub-Saharan Africa for the period 2014-2020 amounts to approximately €2.7 billion.

The European Commission, the EU Member States and the EU Financial Institutions will support AREI through the Africa Investment Facility (AfIF), the Electrification Financing Initiative (ElectriFI) and the future External Investment Plan.

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