US$20m approved for African renewable energy projects

THE African Development Bank (AfDB) says one of the two donors within the Climate Investment Fund has approved US$20 million to promoting small-scale renewable energy projects across the continent. In a statement, AfDB said Clean Technology Fund (CTF), one of the two multi-donor trust funds within the Climate Investment Fund recently approved US$20 million for the Facility for Energy Inclusion (FEI). “The CTF on August 8, 2019 approved US$20 million for the Facility for Energy Inclusion (FEI), to provide sustainable financing for small-scale renewables in Africa,” said the regional financier, which was sponsoring the energy inclusion facility. FEI is a $500 million financing platform whose objective is to catalyse financial support for innovative energy access solutions. FEI On-grid, a targeted US$400 million fund, supports improved energy access through the development of small-scale renewable energy generation and mini-grids across Africa, while the Off-Grid Energy Access Fund (OGEF), a targeted US$100 million fund, supports off-grid energy distribution companies and boosts their long-term capacity to access capital markets at scale.