International Solar Alliance signs MoU with Africa50 to finance solar projects – EQ Mag
The International Solar Alliance (ISA), a platform for increased deployment of solar energy technologies, and Africa50, the pan-African infrastructure investment platform, announced on Thursday that they had signed a Memorandum of Understanding (MoU) to support and finance solar projects in Africa. According to a press statement, the MoU was signed in Lomé, Togo, at the Infra for Africa Forum and General Shareholders Meeting of Africa50.
Infrastructure is in dire need, as progress in Africa is impossible without it. This is the key component of our road map. We must create more bankable projects because private sector involvement in infrastructure is inevitable, according to Faure Gnassingbé, president of the Republic of Togo. In order to create bankable projects that the private sector can fund, Africa50 collaborates with African governments and project sponsors. It also invests equity in infrastructure projects. The 400 MW Benban Solar Plants in Egypt, the largest in Africa, represent its most recent investment in this field.
“The foundational tenets of Africa50’s investment strategy are clean energy and a sustainable transition. According to Alain Ebobissé, CEO of Africa50, “ISA and its network represent a wealth of expertise and connectivity in the solar area that the African continent can benefit from. ISA is starting a Solar Finance Facility to reduce investment risk, and a SolarX Startup Challenge to find and support cutting-edge solar companies for investment.
“This partnership promises to supply a huge number of homes with the affordable, clean energy needed for development in Togo and the rest of Africa. Ajay Mathur, Director General, ISA, stated, “We intend to work together on the supply of technical skills to enable the development and implementation of solar projects throughout African nations, combined money mobilisation to co-finance solar initiatives within the area.
He continued by saying that efforts to increase public awareness and strengthen capacity-building for African solar power projects would also be prioritised. The two organisations will also work together to strengthen each other’s capacities and use their respective networks to raise money and public awareness for African solar projects in the European and Indian markets.
Source: PTI
