Energies for Africa eyes $5 billion renewable energy funding

A former energy minister of France is pushing to raise funds for renewable energy projects in Africa.  Jean Louis Borloo announced that through his Energies for Africa project he plans to push developed countries to commit funds for renewable energy projects in Africa. Borloo is targeting funds worth $3 billion by the end of next year, and $5 billion by the end of 2018. 

The funds from the developed countries would act as seed money for projects, while the African countries would also contribute towards the capital cost. Borloo states that he has already brought 44 countries on board looking to contribute to the fund. 

Africa remains a very attractive destination for renewable energy investments. While developed countries, especially in Europe, are looking to reduce support for renewable energy, African countries are at the cusp of a renewable energy revolution. Several countries in the continent are working on drafting renewable energy regulations which allows project developers and investors to have a say in the process. Feed-in tariffs are also higher than those in the developed world, and even some developing markets, due to low competition. Large land resources combined with the huge renewable energy sources, Africa is possibly among the best renewable energy markets to be tapped.

A recent report by the International Renewable Energy Agency (IRENA) stated that Africa could quadruple renewable energy generation by 2030. According to IRENA, share of renewable energy in the continent’s total energy generation could increase from 5% in 2013 to 22% by 2030. 

http://cleantechnica.com/2015/10/06/energies-africa-eyes-5-billion-renewable-energy-funding/