Nigeria, 5 others to benefit from $170m AfDB-GCR renewable energy climate fund

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Photo: Solar Energy panels

Nigeria, 5 others to benefit from $170m AfDB-GCR renewable energy climate fund

Nigeria and five other African countries are to benefit from an African Development Bank (AfDB) and Green Climate Fund (GCF)  approved $170.9 million climate fund for renewable energy.

The AfDB-GCF partnership is aimed at financing the framework of African Development Bank’s Leveraging Energy Access Energy Finance (LEAF) program in six African program countries, namely, Nigeria, Ghana, Guinea, Ethiopia, Kenya, and Tunisia.

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A statement by AfDB, said the climate financing is part of an overall $900 million programme budget with the aim of scaling up roll-outs of mini-grids, solar home systems, commercial and industrial solar solutions in the programme countries.

The statement said that LEAF aims to unlock commercial and local-currency financing for decentralised renewable energy (DRE)  projects in the six program countries.

“Green Climate Fund’s commitment will help unlock the  much-needed commercial capital and local currency financing to help overcome financing barriers exacerbated by COVID-19.”

“GCF’s approval of LEAF is a significant boost for the African Development Bank’s twin ambitions of accelerating electricity access and supporting the transition to clean energy on the continent, using decentralised renewable energy solutions and moreover, facilitated through local financing.”

It further explained that the programme would be harnessed to provide renewable energy to six million people and businesses and prevent 28.8 million tonnes in carbon emissions.

The program is also expected to strengthen capital markets and crowd-in private sector investors, including local financial institutions.

It said the GCF partnership with AfDB will support the timely and critical programme for decentralised renewable energy across the six African countries, and described LEAF’s approval as a significant boost to the bank’s electricity and clean energy plans in Africa.

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