African Development Bank

AfDB Invests $20 Million in Fund for RE Expansion in Sub-Sahara

African Development Bank (AFDB) has held in a key announcement that the Board of Directors of the AfDB Group has approved an equity investment of $20 million in Evolution Fund III. It is a pan-African clean and sustainable energy private equity fund that is mobilising about $400 million into renewable energy and resource-efficiency assets across […]

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What Are Climate Bonds?

According to the United Nations’ Intergovernmental Panel on Climate Change estimates, limiting the global temperature increase to 2 degree Celsius, the goal of the Paris Agreement, will require about $3 trillion of investment every year to 2050. Raising such huge investments is a challenge. To tackle it, governments and corporations are increasingly turning to Climate […]

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Botswana Power Corporation Awards Scatec ASA First Large Scale Solar Contract

Norway-based renewable energy leader Scatec has said that it has signed a binding 25-year power purchase agreement (PPA) with and the Botswana Power Corporation (BPC) for the construction of a solar PV facility with a contracted capacity of 50 megawatt. The solar facility will be set up in Selibe Phikwe, a former mining town located […]

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Mozambique Takes First Step Towards Large Solar With 44 MW Floating Solar Plan

Mozambique, the 32 million strong South East African country is making its first bid for a floating solar plant. State-owned power company Electricidade de Mocambique (EDM) is seeking a consultancy that will conduct a feasibility study to assess the potential and implications of setting up a floating solar farm at a hydro power reservoir in […]

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MDPs Committed Climate Finance Worth $66 B in 2020: Joint Report

According to the recently published 2020 Joint Report on Multilateral Development Banks’ Climate Finance, climate finance committed by major multilateral development banks (MDBs) rose to a total of $66 billion last year from $61.6 billion in 2019, of which, 58%—or $38 billion—was committed to low- and middle-income economies. The total climate cofinance committed during 2020 […]

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AfDB Approves $27 Mn Loan to Establish 200 MW Solar Plant in Egypt

The African Development Bank’s Board of Directors today approved $27.2 million in loan financing for the design, construction and operation of a 200 MW photovoltaic solar power plant at Kom Ombo, in Upper Egypt on the river Nile. The project is expected to lower electricity costs for businesses and residences, as well as reducing greenhouse […]

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2020 Could Be Africa’s Arrival As A Solar Market With Size

After a long wait, 2020 could well mark a decisive shift in the energy availability graph for countries in Africa, as multiple approaches and tactics finally make a case for a stronger push. For long, Africa has suffered from the world’s lowest electrification rate. Figures from 2017 state that Its power consumption per capita is […]

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‘Desert to Power Initiative’ to Provide Solar Electricity to Sahel Region

Tapping in the vast solar energy potential of the region, the initiative is slated to provide green electricity including in some of the world’s poorest countries. In a bid to eradicate energy poverty for 250 million people in the Sahel region of Africa, the African Development Bank (AfDB) is spearheading the ‘Desert to Power Initiative’ […]

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AfDB Approves ZAR 3Bn for 100MW Solar Project in SA

The solar power project, which is located in the Humansrus Solar Park, Northern Cape Province of SA, is expected to generate 466 GWh/year. African Development Bank (AfDB) has approved a senior loan of ZAR 3 billion to the 100 MW Redstone Concentrated Solar Project, which is expected to boost South Africa’s (SA’s) energy mix and hasten transition to renewable energy. […]

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