Business News of Tuesday, 13 March 2018
The African Development Bank (AfDB) has struck a partnership deal with the International Solar Alliance (ISA) to provide impetus to solar energy development in Africa.
This involves technical assistance, knowledge transfer, funding for off-grid projects and large-scale independent solar power producers.
A press statement made available to the Ghana News Agency (GNA) by the bank, said the ISA under the agreement would support its ‘Desert to Power” initiative meant to turn the continent’s desert into new sources of energy.
The goal is to develop 10,000 megawatts (MW) of solar power systems across the Sahel to provide electricity to 250 million people, 90 million of them, on off-grid systems.
The agreement, according to the statement, was sealed on the margins of the just ended conference of the ISA held in New Delhi, India and co-chaired by Indian Prime Minister Narendra Modi and French President Emmanuel Macron of France.
Mr. Amadou Hott of the AfDB was reported to have hailed the deal as a significant milestone.
“This signing is an important milestone for the Bank in its efforts to lead the continent’s transformation towards sustainable energy, through the use of solar technologies, and in its bid to reach universal access to energy in Africa.”
President Macron in his opening remarks at the conference identified the solar projects, mobilization of public and private finance, and the transfer of innovative technology solutions and capacity building, as top priorities of the Alliance.
President Nana Addo Dankwa Akufo-Addo was among 11 African leaders, on hand at the meeting that drew participation from about 50 countries.
Also there, were solar manufacturers, developers, financial institutions, innovators NGOs.
The ISA initiative was launched at the UN climate change conference in Paris in November 2015, by Prime Minister Narendra Modi and former French President Francois Hollande.
It a collaborative platform – a coalition of solar resource rich countries to address their special energy needs through a common and agreed approach.
Thirty-two (32) of the ISA’s 60-member countries are from Africa.