Africa: $100 million available for Renewable Energy
Africa launches a renewable energy fund to develop projects across sub-Sahara. 100 million dollars has already been resiled for the African Renewable Energy Fund and will probably be doubled.
The money will support small and medium-sized independent power producers with grid-tied projects of 5-50 megawatts in size: small hydro, wind, solar, geothermal, biomass and waste gas.
The African Development Bank is the Fund’s leas sponsor, contributing $65 million. The investor group also includes Ecowas Bank for Investment and Development (EBID), Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO), Calvert Foundation, Berkeley Energy and The African Biofuel and Renewable Energy Company (ABREC), who are the vision-bearers of the fund.
Owned by 15 African Nations and five financial institutions, ABREC is a company specialized in developing, managing and advising public and private sector renewable energy and energy efficiency initiatives and projects.
Fifty percent of Africa is rural with no access to electricity. Africa generates 47 GW of electricity, less than 0.6% of the global market share. Many countries are affected by power shortages. Sub-Saharan Africa is expected to build additional hydropower generation capacity of at least 20,165 MW by 2014. The region has the potential to generate 1,750 TWh of energy, of which only 7% has been explored (source WIKI). Read more about the Sub-Sahara Climate zones.
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