European Investment Bank and FMO to accelerate Africa’s renewable energy sector

eib renewThe European Investment Bank (EIB) and FMO adhere to the ‘renewAfrica’ initiative, championed by RES4Africa, which intends to facilitate and improve financing for renewable energy projects in Africa

Renewable energy is set to be crucial in boosting the energy transition of the African continent. With sustainable and green sources, it will be possible to respond to the growing demand for energy, triggered by faster and faster urbanisation and ensure energy access for all.

The renewAfrica initiative will promote the creation of a holistic and inclusive European-led instrument with its own institutional framework, providing adequate support at policy and regulatory level and ensuring preparation tools across project lifecycles.

“There is undoubtedly a need to improve the way in which European financiers can support renewable energy projects on the African continent.” EIB vice-president Andrew McDowell commented.

“As the world’s largest multilateral provider of climate finance in terms of lending volume, the EIB is very pleased to play an active role in renewAfrica. Bundling the strengths and experience of major European players can not only assist the public institution in creating a favourable investment climate but also lead to advisory and financial support for projects so that they can tap the vast resources this continent offers for renewables,” Andrew McDowell added.

Apart from possibly providing financing and advisory services to concrete projects under the initiative, initially the EIB will seek a major role among the involved international financial institutions. The renewAfrica is expected to increase the number of bankable public-private-partnership projects in the African renewable energy sector, to be competitively tendered, which the EIB and other IFI’s could potentially support.

The renewAfrica initiative was first signed in Rome on 4 June 2019 by 23 partners including energy partners like Enel Green Power and financiers such as Cassa Depositi e Prestiti, Intesa SanPaolo and Norfund.

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