Energy & Technology

African Development Bank pledges $164 million for decentralized clean energy initiatives in Africa

Green Energy soluions

The African Development Bank (AFDB) has greenlit the Leveraging Energy Access Finance Framework (LEAF), which will see the bank commit up to $164m to promote decentralised renewable energy projects in six African countries. The initiative is part of the $800m LEAF programme established to increase investments in commercial and local currency, with the aim of boosting the activities of decentralised renewable energy firms in Ghana, Guinea, Ethiopia, Kenya, Nigeria, and Tunisia. Eighteen decentralised renewable energy projects are expected to be financed under the programme, which will give six million people access to electricity, resulting in a 28.8 million-tonne reduction of CO2 emissions over the lifetime of the systems.

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According to a recent report, nearly 600 million Africans lack access to electricity, with the pandemic exacerbating the electricity situation as infrastructure and projects stalled. Decentralised renewable energy systems, ranging from solar home systems to green mini-grids, will be crucial in meeting the electricity needs of people and businesses across Africa.

AFDB collaborated with the Green Climate Fund on the LEAF programme, which is part of the bank’s broader off-grid strategy under the ‘New Deal on Energy for Africa.’ The framework complements existing initiatives such as the ‘Sustainable Energy Fund for Africa.’ Kevin Kariuki, AFDB’s Vice President in charge of Power, Energy, Climate Change, and Green Growth, said, “The African Development Bank is delighted to partner with the Green Climate Fund on the Leveraging Energy Access Finance Framework.”

The Desert to Power G5 Sahel scheme, which includes Burkina Faso, Chad, Mali, Mauritania, and Niger, has also received AFDB board approval for a $379.6m financing facility.

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