South Africa has taken the top spot in the leading African countries where global investors in renewable energy are consistently willing to put in their monies to build new clean energy projects, the African Progress Panel (APP) has disclosed.
In its recent report on energy access in African countries, APP which is chaired by former UN secretary general, Koffi Annan, stated that annual investments in clean energy projects in South Africa had gone up to $4.5 billion in 2015, up from $1 billion that it was in 2014.
The report explained that Morocco, Kenya, Uganda and Ethiopia were next in this line with sizeable investments in renewable energy.
Nigeria which in 2016 signed power purchase agreements with 14 solar IPPs for solar projects worth about $2.5 billion and 1125mw capacity was not listed, though the country has yet to advance negotiations on this since then.
“South Africa already features among the world’s top 10 destinations for clean energy investments, attracting $4.5 billion in 2015 – up from US$1 billion a year ago – to make it the continent’s largest renewable power producer,” said the report.
It added: “Morocco comes in a close second with $2 billion, while Kenya, Uganda and Ethiopia also attracted sizeable investments.”