- 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