The United Arab Emirates announced an investment of $4.5 billion for clean energy development in Africa
2023/9/6
L-Jaber revealed that this funding mainly comes from important public and private capital in the United Arab Emirates, including the Abu Dhabi Development Fund (ADFD), Etihad Credit Insurance (ECI), Abu Dhabi Clean Energy Company Masdar, and the UAE renewable energy developer AMEA Power.
The investment platform Africa50, jointly established by African governments and the African Development Bank, is an important partner of this initiative. The establishment of Africa50 aims to mobilize public and private sector capital to promote infrastructure construction on the African continent.
L Jaber stated that this initiative aims to establish a record of innovative hybrid financing driven by business in the United Arab Emirates and promote clean energy development in emerging and developing countries.
He added, "The initiative will prioritize investment in African countries that have clear transformation strategies, strict regulatory frameworks, and overall plans for grid infrastructure that complement supply and demand integration
L Jaber emphasized that in order to reduce investment barriers, African countries must restore the financial sustainability of local public utilities while modernizing their basic energy infrastructure.
In addition, countries should also clarify development processes, reduce unnecessary regulations to save market delivery time, and lift restrictions on capital flows.
Currently, the Abu Dhabi Development Fund has pledged $1 billion in aid to meet basic infrastructure construction needs, while the Atihad Credit Insurance will provide $500 million to reduce risks and release private capital.
Masdar promises to provide $2 billion in equity and raise an additional $8 billion in project funding through its Infinity Power platform, aiming to help the African continent increase its clean energy power generation capacity by 10 gigawatts by 2030.
MEA Power will help Africa achieve 5 gigawatts of renewable energy generation capacity by the end of this decade, and will raise $5 billion, of which $1 billion will come from equity investments and $4 billion from project financing.
L-Jaber stated that these investments are expected to drive more multilateral, public, and private capital, with an expected additional investment of $12.5 billion.
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