The African Development Bank (AfDB) has entered a partnership with the International Solar Alliance (ISA) in a major boost for renewable energy in the energy-deficient continent
The bank and ISA will support technical assistance and knowledge transfer for solar projects in sun-shine rich African countries.
Under the deal, ISA will support the bank’s initiative to leverage Africa's deserts for solar energy.
The agreement provides for developing financial instruments to reduce risks and costs associated with solar investments and to leverage financing through the Sustainable Energy Fund for Africa (SEFA) and other Bank-hosted funds.
The initiative is expected to provide electricity to 250mn people, with 90mn of these being on off-grid systems.
“This signing is an important milestone for the bank in its efforts to lead the continent’s transformation towards sustainable energy,” said Amadou Hott, vice-president, power, energy, climate and green growth at the AfDB.
The International Solar Alliance, a treaty based inter-governmental alliance of 121 solar resource rich countries, was first presented as an idea by India's Narendra Modi at the 2015 United Nations Climate Change Conference in Paris.
