France and the African Development Bank (AfDB) have signed a €6 million agreement that will help the implementation of the Africa Renewable Energy Initiative, OGN understands.
The financial resources as reported by the Transmission and Distribution World, will help set up the ‘Delivery Unit’ of the Initiative which is to be hosted at the AfDB.
It was reportedly signed by Ségolène Royal, French Minister for Energy Environment, and Marine Affairs, and Frannie Léautier, Senior Vice-President of the AfDB.
“I strongly welcome France’s contribution to the AREI. I hope that this commitment, will be an important catalyst for others in helping us reach our funding goals as we strive to meet Africa’s future energy needs,” Léautier said.
Accordingly, France’s contribution will help map existing initiatives and programs for renewable energy development, identify new renewable energy development projects, and monitor priority projects of renewable energy development in Africa among others.
Also, the African Renewable Energy Initiative aims to achieve 10 gigawatts of new renewables by 2020 and mobilise the potential to generate 300 gigawatts by 2030.
The Initiative will help African nations including Nigeria to put in place low-carbon development strategies while creating jobs, improving energy security and bringing clean, safe and affordable energy to the 640 million Africans who currently lack access to electricity.
It was announced in 2015 during the COP21 Conference in Paris, and the AfDB has worked with the African Union (AU) and its partners to fully establish the Delivery Unit.
Beyond project financing, the Initiative will equally help African countries to introduce and manage policies that will allow for rapid and sustainable rollout of renewables technologies, and build institutions and systems for sustaining these investments.
Nigeria has recently stated its intents to drive renewable energy deployment in-country. The Initiative affords her the opportunity to build institutions and systems that would sustain this intents and plans.