The African Development Bank (AfDB) has partnered with International Solar Alliance (ISA) in order to enhance solar energy in the country.
The new partnership is said to be part of AfDB’s Light up and Power Africa initiative.
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AfDB and ISA have agreed to provide technical assistance and knowledge transfer for the development and deployment of solar projects in African countries.
In order to support off-grid solar projects and large-scale solar independent power producers in African ISA member countries, AfDB and ISA will also create new financial instruments.
Under the new partnership, ISA has agreed to support AfDB’s Desert to Power solar initiative, which aims to transform Africa’s deserts into new energy sources.
Through the new initiative, AfDB intends to work with partners to develop 10,000MW of solar power systems across Africa’s Sahel region and provide electricity to 250 million people in the country.
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By GlobalDataThe partnership agreement was signed at the ISA founding conference in New Delhi, India, on 11 March.
The conference was co-chaired by Indian Prime Minister Narendra Modi and French President Emmanuel Macron.
AfDB Power, Energy, Climate and Green Growth vice-president Amadou Hott said: “This signing is an important milestone for AfDB in its efforts to lead the continent’s transformation towards sustainable energy, through the use of solar technologies, and in its bid to reach universal access to energy in Africa.”
The joint declaration also identifies AfDB’s new deal on energy for Africa, its energy policy and its leadership in working with governments, the private sector, and bilateral and multilateral energy sector initiatives in order to develop a transformative partnership on energy for Africa.
The declaration will also see the two parties develop new financial instruments to reduce risks and costs associated with solar investments.
It will also help in leveraging climate financing and commercial co-financing and mobilising concessional financing through the Sustainable Energy Fund for Africa (SEFA) and other Bank-hosted funds.
In 2015, Modi and former French President Francois Hollande launched ISA at the UN Climate Change Conference in Paris.
The ISA was launched to establish a collaborative platform and a coalition among the solar resource-rich countries to address their special energy needs through a common and agreed approach.
