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Energy fund to play role to unlock African potential – AfDB

Itezhi Tezhi Power Corporation project itezhi tezhi hydro power station

THE sustainable energy fund for Africa (SEFA) will continue to play a key role in helping unlock the continent’s energy potential by scaling up renewable energy efficiency projects, African Development Bank (AfDB) director for energy, environment and climate change Alex Rugamba has said.
Giving an update on the SEFA, which has committed over US$ 0 million since inception four years ago, Mr Rugamba said on the sidelines of the AfDB annual meetings that the project is committed to enable future private sector investments in renewable energy and energy efficiency projects for the continent.
“While Africa is endowed with vast renewable energy sources, it is not endowed with infinite supply of assistance to properly tap into them.
“As a result, SEFA will continue to leverage the AfDB’s experience and convening power to play a key role in helping unlock this potential by scaling up investments in small to medium sized renewable energy and energy efficiency projects,” he said.
Mr Rugamba said SEFA’s activities are also leading to job creation and human development through the use of sustainable, affordable and reliable clean energy.
He said SEFA’s project preparation and equity components currently represent an investment pipeline of US$711 million in investments and 230 megawatts.
“In 2015, the SEFA secretariat screened 115 project preparation funding requests alone, across diverse technologies, sizes and geographies.
“Looking ahead in 2016 and beyond, SEFA is well positioned with a team of experts and partners to deliver on its commitments as it scales up its interventions in project origination, seed financing and advisory services,” Mr Rugamba said.
The overall goals of SEFA is to connect 150,000 small businesses and households to electricity, raising an additional 500 megawatts of renewable energy mix, creating several jobs and helping reduce or avoid three million tonnes of carbon dioxide in the atmosphere by 2018.

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