Africa50 Joins IRENA’s ETAF Platform to Accelerate Renewable Energy Deployment in Africa

Africa50 pledges USD 100 million to accelerate renewable energy projects and infrastructure through IRENA’s ETAF Platform.

Vienna, Austria, 25 June 2024 – The International Renewable Energy Agency (IRENA) has entered into a landmark collaborative partnership with Africa50, the pan-African infrastructure investor and asset management group. As part of the agreement, Africa50 has pledged up to USD 100 million to fund and co-finance renewables-based energy transition projects and infrastructure across Africa through IRENA’s Energy Transition Accelerator Financing (ETAF) platform, reinforcing efforts towards sustainable development and climate action across the continent.

The agreement was signed today on the margins of the OPEC Fund Development Forum in Vienna by IRENA Director-General, Mr. Francesco La Camera and Africa50 CEO, Mr. Alain Ebobissé.

"For the first time in a decade, the most recent data show that the number of people without access to electricity has increased significantly," said Mr. La Camera. "With Sub-Saharan Africa representing the majority of those impacted, we must be diligent and committed to urgently addressing this growing issue. Renewables represent the most effective, climate-safe solution available, and this partnership with Africa50 will be pivotal in strengthening the ETAF Platform’s impact across Africa."

Mr. Alain Ebobissé, CEO of Africa50 said, “The continent must focus on the dual goals of reducing emissions and accelerating economic development. Investing in and developing transformational renewable infrastructure is a critical step to achieving net-zero. The IRENA ETAF platform will be an important launchpad to scaling and accelerating our investments into renewable projects that will ultimately reduce the negative impact of climate change on our people and help build a more sustainable future”.

The ETAF platform, established in 2021 with support from the United Arab Emirates, aims to scale up renewable energy projects that contribute to Nationally Determined Contributions (NDCs) in developing countries, while also bringing benefits to communities through enhanced energy access and security, and promoting economic growth and diversification.

With Africa50 now on board, the ETAF Platform has grown to include 14 partners, pledging a total of 4.15 billion USD, highlighting its role as one of the most inclusive financing platforms for a renewables-based energy transition. The partnership leverages IRENA’s global membership to attract project proposals through the ETAF Platform and Africa50’s expertise in project development and equity financing.

Later this year, on September 1st, 2024, IRENA will co-host the Accelerated Partnership forRenewables in Africa (APRA) Investment Forum with the Kenyan government to connect projects developers with potential financiers through a curated matchmaking program, as well as projects coming from APRA partners and other international organizations in support of APRA development goals.

To learn more about ETAF, click here.

To learn more about the APRA Investment Forum, click here.