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Africa50 and International Solar Alliance sign MoU to support and finance solar projects in Africa

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The MoU was signed at Africa50’s Infra for Africa Forum and General Shareholders Meeting in Lomé, Togo, which featured addresses by H.E. Faure Gnassingbé, President of the Republic of Togo, Dr. Akinwumi Adesina, President of the African Development Bank Group, and Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organization and Tidjane Thiam, Executive Chairman, Freedom Acquisition 1 Corp, among other notable African investment leaders. Image credit: Africa50

News Flash

  • Africa50 and the International Solar Alliance (ISA), have signed a Memorandum of Understanding (MoU) to support and finance solar projects in Africa.
  • This partnership advances the organizations’ mutual goal of increasing the deployment of solar, to improve energy access, ensure energy security, and drive the energy transition around the world. 

Africa50 works with African governments and project sponsors to develop bankable projects that can be financed by the private sector and invest equity in infrastructure projects. Its recent investment in this area is the 400MW Benban Solar Plants in Egypt, the largest in Africa, which is currently supplying clean power to over 1.5 million people in the country.

In addition to strengthening capacity, synergising policy change and promoting investments in solar capacity amongst its Member Countries, ISA is initiating a Solar Finance Facility to mitigate investment risk and a SolarX Startup Challenge to identify and support innovative solar projects for investment.

Author: Bryan Groenendaal

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Green Building Africa promotes the need for net carbon zero buildings and cities in Africa. We are fiercely independent and encourage outlying thinkers to contribute to the #netcarbonzero movement. Climate change is upon us and now is the time to react in a more diverse and broader approach to sustainability in the built environment. We challenge architects, property developers, urban planners, renewable energy professionals and green building specialists. We also challenge the funding houses and regulators and the role they play in facilitating investment into green projects. Lastly, we explore and investigate new technology and real-time data to speed up the journey in realising a net carbon zero environment for our children.

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