MANILA, PHILIPPINES : The Asian Development Bank (ADB) and the African Development Bank today signed a $1 billion sovereign exposure exchange that aims to strengthen their capital adequacy levels and boost their lending capacity. The exchange is the third agreement between ADB and a peer multilateral development bank (MDB). The first two contracts were signed […]
African Development Bank Grants $49.92 Million For Large Scale Solar & Storage Project In Eritrea – EQ Mag
AfDB has approved a grant of $49.92 million for a solar and storage project in Eritrea The 30 MW solar PV and 15 MW/30 MWh storage facility will be located near Dekemhare It is expected to help increase the share of renewable energy in the national mix from 3% to 23% A 30 MW solar […]
South Africa: African Development Bank approves $57.67 million loan to Eskom to boost electricity generation from renewable sources – EQ Mag Pro
The Board of Directors of the African Development Bank has approved a $57.67 million loan to Eskom Holdings SOC Ltd, South Africa’s public electricity utility—and Africa’s largest— to harness battery storage technology that will increase electricity generation from reliable and efficient renewable energy sources. The Bank’s financing, a concessional loan, will come from the Clean […]
African Development Bank Extends Desert to Power Program to Nigeria
The President of the African Development Bank (AfDB) Dr. Akinwunmi Adesina, announced that the bank is set to undertake its ‘Desert to Power’ initiative in Nigeria. He announced that the initiative has already commenced in Morocco and Kenya. The Desert to Power project is aimed at constructing the world’s largest solar power zone that would […]
African Development Bank opens $50-60m pot for off-grid solar Covid recovery
Multilateral development lender the African Development Bank (AfDB) has committed US$20 million to a US$50-60 million Covid recovery fund for companies which distribute solar home systems and clean cooking stoves and set up green mini-grids and other off-grid renewables systems across the continent. The directors of the AfDB last week agreed to allocate US$20 million […]
IRENA and African Development Bank Partner to Scale up Renewables Investments in Africa
The Bank’s partnership with IRENA will support Africa’s energy transition and our goal to achieve universal access to affordable, reliable, sustainable and modern energy in Africa by 2030.” – Bank VP Kevin Kariuki “This agreement represents the type of coordinated international cooperation that is the cornerstone of the realisation of sustainable development in Africa […]
AFDB’s SEFA grants $760,000 to develop small-scale renewable energy projects across Sub Saharan Africa
The African Development Bank-managed Sustainable Energy Fund for Africa (SEFA), has approved a $760,000 grant to Empower New Energy AS (EmNEW), to develop at least eight small renewable energy projects with capacity ranging from1-10 MW, towards bankability and construction. The grant will support a broad range of project preparation and development activities, including technical feasibility […]
African Development Bank offers technical assistance for development of mini green energy grids in Guinea
The African Development Bank, through its Sustainable Energy Fund for Africa (SEFA) , approved a grant of 830,000 US dollars to support the Guinean Agency for Rural Electrification (AGER), in the establishment green mini-grid projects in the Republic of Guinea. This grant will specifically finance technical, economic, financial and environmental and social pre-feasibility studies of […]
The African Development Bank’s Facility for Energy Inclusion attracts $160m in commitments for small-scale renewable energy
The African Development Bank, the European Commission, KfW, the Clean Technology Fund, Norfund, and other investors have committed nearly $160 million to the first close of the Facility for Energy Inclusion or FEI. FEI is a targeted $400 million fund to improve energy access across Africa through small-scale renewable energy and mini-grid projects. Spearheaded by […]
African Development Bank sponsored Off-Grid Energy Access Fund reaches final equity close with partner contributions
The Facility for Energy Inclusion’s Off-Grid Energy Access Fund (FEI OGEF) has reached a final equity close with $59 million in committed equity capital and $36 million debt facilities, to support innovative, off-grid energy access companies. The final close, reached on 18 November 2019, was made possible through a $15 million equity contribution from the […]