BUSINESS

Germany Commits $134m To Sustainable Energy Fund

 

The German government had announced at the United Nations High-Level Dialogue on Energy that it will invest $134.5 million in the African Development Bank’s (AfDB) Sustainable Energy Fund for Africa (SEFA).

This investment is set to drive clean energy transition on the continent. The German government had last year committed $67 million to SEFA.

The funds will finance private sector investment in green-baseload projects, focusing on providing technical assistance and investment in power generation, transmission and distribution to increase penetration of renewable power in African grids.  Dr Daniel Schroth, AfDB’s Acting Director for Renewable Energy and Energy Efficiency, said: “Germany’s new contribution is a major boost towards SEFA’s capitalisation target of $500 million. It is also recognition of the catalytic role SEFA has been playing in accelerating Africa’s energy transition and supporting clean energy access solutions.”

SEFA is a multi-donor backed fund that unlocks private sector investments that contribute to universal energy access in Africa. SEFA has received contributions from Denmark, Germany, Italy, Norway, the Nordic Development Fund, Sweden, Spain, the United Kingdom and the United States.

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