Thursday, February 29, 2024
AfDB sustainable energy fund secures $90m in new funding

AfDB sustainable energy fund secures $90m in new funding

The Sustainable Energy Fund for Africa (Sefa), managed by development finance institution the African Development Bank (AfDB), approved seven high-impact projects worth $54-million in 2020, the fund’s 2020 Annual Report shows.

 

The fund also attracted increased donor funding and secured commitments worth $90-million from existing and new donors in the year, including from the German Ministry for Development Cooperation and the Nordic Development Fund, both of which joined Sefa in 2020.

 

 

The additional resources will enable Sefa to establish itself as the leading proponent of Africa’s energy transition and energy access agendas in line with the AfDB’s New Deal for Energy in Africa.

 

“Sefa’s potential was duly recognised, with the year culminating in a strong endorsement by the fund’s donors,” says AfDB powerenergy, climate and green growth VP Dr Kevin Kariuki.

 

 

The fund focuses on green baseload, green mini-grid and energy efficiency investments.

 

“Sefa’s role in supporting innovative solar initiatives in the decentralised renewable energy space led to the AfDB receiving the Development Finance Institution of the Year award by the Africa Solar Industry Association in 2020.

 

“Sefa is working on an exciting pipeline of new opportunities across all three focus areas for 2021 and beyond,” says AfDB renewable energy and energy efficiency acting director Dr Daniel Schroth.