Africa50, the pan-African infrastructure investment platform, and the International Solar Alliance (ISA) today signed a Memorandum of Understanding (MoU) to support and finance solar projects in Africa.
“This partnership advances the [two] organizations’ mutual goal of increasing the deployment of solar, to improve energy access, ensure energy security, and drive the energy transition around the world,” stated ISA in a media release.
Africa50 works with African governments and project sponsors to develop bankable projects that can be financed by the private sector and invest equity in infrastructure projects. Its recent investment in this area is the 400 MW Benban Solar Plants in Egypt, the largest in Africa, which is currently supplying clean power to over 1.5 million people in the country.
The ISA is an international organization with 116 member and signatory countries. It works with governments to ease solar deployment and promote solar power as a sustainable transition to a carbon-neutral future. In addition to strengthening capacity, synergizing policy change, and promoting investments in solar capacity amongst its member countries, ISA is initiating a Solar Finance Facility to mitigate investment risk and a SolarX Startup Challenge to identify and support innovative solar projects for investment.
“There are huge needs for infrastructure, without which development is not possible in Africa. This is at the heart of our roadmap,” said Faure Gnassingbé, President of the Republic of Togo. “The involvement of the private sector in infrastructure is unavoidable and this means we must develop more bankable projects. Government involvement is also essential to attract foreign capital, and this is why governments need to provide a stable, and transparent economic environment that is receptive to economic actors.”
Africa50 and the ISA will engage in mutual capacity building and leverage each other’s networks to mobilize funding and raise awareness of African solar projects in European and Indian markets.
Alain Ebobissé, chief executive officer of Africa50, said, “Clean energy and a sustainable transition are core pillars of Africa50’s investment strategy. ISA and its network represent a wealth of knowledge and connectivity in the solar space that the African continent can benefit from. We are excited to work with ISA to identify, fund, and develop bankable solar projects in Africa which will support the continent’s transition to Net-zero.”
Dr. Ajay Mathur, director general of International Solar Alliance, noted, “Together, ISA and Africa50 embody the potential to empower millions of individuals, ushering in a new era of sustainable prosperity. The collaboration between ISA and Africa50 promises to power many households with clean and affordable energy necessary for progress in countries like Togo and the African continent at large.”
“Together we hope to work on the provision of technical expertise to facilitate the development and execution of solar projects across African nations, joint mobilization of funds to co-finance solar initiatives within the region, leveraging ISA’s extensive network of Member Countries and partners, and Africa50’s access to robust capital markets. Focus will also be on raising public awareness and fortifying capacity-building endeavors for African solar power projects.”
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