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Sustainable Energy Fund for Africa reports record number of transactions in 2020

SEFA focuses on green baseload, green mini-grid, and energy efficiency investments. (Image source: Adobe Stock)

The Sustainable Energy Fund for Africa (SEFA) has approved seven high-impact projects worth US$54mn in 2020, despite COVID-19 conditions, according to its 2020 Annual Report

SEFA, managed by the African Development Bank (AfDB), focuses on green baseload, green mini-grid, and energy efficiency investments. The report, titled Building Foundations for Success, also details the Fund’s success in attracting increased donor funding. SEFA secured commitments worth US$90mn from existing and new donors in the year, including from the German Ministry for Development Cooperation and the Nordic Development Fund.

“SEFA’s potential was duly recognized, with the year culminating in a strong endorsement by the Fund’s donors,” noted Vice President Dr. Kevin Kariuki, of the African Development Bank’s Power, Energy, Climate & Green Growth Complex. He said that the additional resources will enable SEFA to establish itself as the leading proponent of Africa’s energy transition and energy access agendas in line with the Bank’s New Deal for Energy in Africa.

The Fund responded to the onset of the pandemic by launching its COVID-19 Off-Grid Recovery Platform to extend recovery capital to energy access businesses. 

In addition, the provision of catalytic investments in the Spark+ Clean Cooking Fund, the first Africa-focused investment fund to support the clean cooking sector, as well as the Africa Renewable Energy Fund II, a private equity initiative to develop and invest in baseload renewable energy solutions involving hybrid renewable energy projects as well as battery storage.

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