Africa

G5 Sahel’s Desert to Power funding mechanism receives $ 150 million from the Green Climate Fund

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G5 Sahel’s Desert to Power funding mechanism receives $ 150 million from the Green Climate Fund

Catalytic financing of the GCF alongside that of the African Development Bank and the private sector will together mobilize nearly $ 1 billion for this truly transformative project

ABIDJAN, Ivory Coast, October 10, 2021 / APO Group / –

The African Development Bank (www.AfDB.org) has welcomed a $ 150 million investment in its Desert to Power G5 funding mechanism from the Green Climate Fund (GCF). The GCF approved the amount at its 30th board meeting this week.

Desert-to-Power is a flagship renewable energy and economic development initiative led by the African Development Bank. Its goal is to illuminate and power the Sahel region by building an electricity generation capacity of 10 gigawatts through solar photovoltaic systems through public, private, grid and off-grid projects by 2030.

The objective of the G5 Desert to Power funding mechanism is to help the G5 Sahel countries – Burkina Faso, Chad, Mali, Mauritania and Niger – to adopt a path of low-emission electricity generation by exploiting the abundant solar potential of the region. It will mobilize $ 966 million over a seven-year implementation period. The initiative is expected to lead to substantial reductions in CO2 emissions – projected to over 14.4 million tCO2equ.

The facility consists of public and private sector sub-projects, which will be implemented under three streams: The first involves investments in the grid and investments in storage solutions to reduce the risks of solar PPIs and open up the path to the adoption of a regional solar market. The second component includes the provision of concessional finance and guarantees for new independent solar power plants to add more than 500 megawatts of solar power generation capacity. The third component involves technical assistance to support the creation of a clear and predictable environment for private sector solar investments and the development of adequate capacity of national institutions in the G5 Sahel countries.

African Development Bank Vice President Dr Kevin Kariuki welcomed the approval of the Green Climate Fund. He said: “The Desert to Power G5 Sahel facility is a big boost for the Desert to Power initiative. It will stimulate private sector investments in the development of solar production capacities in the G5 Sahel countries. This will be an opportunity to realize the vision of Dr Adesina and by extension of the African Development Bank of the Desert to Power initiative as an integral part of the solution to combat climate change in the Sahel. The timing of the approval is also perfect, just before COP26. “

Reacting to the approval, GCF Deputy Executive Director Javier Manzanares said: “We are proud to be part of this innovative project with our partners at the African Development Bank. The Desert to Power G5 Sahel facility has the potential to make a huge difference in the lives of people across the Sahel by harnessing the immense potential of solar power, producing cheaper, reliable and low-emission electricity. . GCF’s catalytic funding alongside that of the African Development Bank and the private sector will together mobilize nearly $ 1 billion for this truly transformative project.

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