The African Development Bank wants to double the amount of money its flagship renewables fund — the continent’s biggest — mobilizes within two years.
The Sustainable Energy Fund for Africa was launched in 2011 in order to catalyze private investment in sustainable energy across the continent and provide low-cost loans and technical assistance to expand energy access. Now, it wants to grow the amount it finances to $2.5 billion in a couple of years and by 2030, “we expect our portfolio to yield over $10 billion in commercial capital mobilized,” the head of the fund told The Associated Press.
In 2024, it backed 14 clean energy projects in Burkina Faso, Chad, Ethiopia, Kenya, and Nigeria, delivering 1.5 million new electricity connections.
