French multinational energy company, ENGIE Energy Access (EEA) will be partaking in the Invest in African Energy (IAE) forum in Paris this May, which will see EEA’s Head of Funding, Marie Testard, addressing the subject of unlocking clean energy finance in Africa.
EEA, represents a leading mini-grid and off-grid Pay-As-You-Go solar energy company in Africa, and has already demonstrated its commitment to enhancing electrification rates across the continent through multiple investments.
In Nigeria, EEA is currently spearheading a $60-million mini-grid project, backed by financing from CrossBoundary Energy Access. This initiative is the largest mini-grid project finance transaction in Africa, aiming to connect over 150,000 individuals and slated for completion by 2026.
Last October, EEA, in collaboration with CrossBoundary Energy Access, signed an additional partnership with Nigeria’s Federal Government and the Rural Electrification Agency. This venture aims to deliver clean electricity to 15 rural communities spanning three North Central States.
Meanwhile, in Zambia, EEA’s subsidiary, MySol Grid Zambia, secured a $7.5 million investment in July 2023. This funding will support the construction of 60 mini-grids, providing electricity to over 40,000 people.
Sub-Saharan Africa has witnessed the emergence of off-grid solutions, particularly in solar energy, as viable alternatives to grid-connected infrastructure. These solutions are particularly relevant for remote communities lacking access to electricity, as they circumvent the need for expensive transmission lines. Moreover, off-grid power generation from renewable resources such as wind, hydro, solar, and biomass contributes to meeting carbon reduction goals.
The Event & Project Director at Energy Capital & Power, Sandra Jeque, stressed the need for private capital and enabling policy to drive the growth of Africa’s off-grid solar sector. Jeque noted, “while investment in Africa’s off-grid solar sector is growing exponentially, the sector still requires substantial private capital, coupled with enabling policy, to meet Africa’s development goals. ENGIE Energy Access—a recognised leader in this domain—will discuss strategies for de-risking the sector and accessing funds to scale-up projects, as well as the role of technology in reducing barriers to entry.”
The IAE 2024 forum, which will be held from 14th to 15th May, serves as an exclusive platform enabling investment between African energy markets and global investors. Attendees can expect two days of intensive engagement with industry experts, project developers, investors, and policymakers. For more information and participation inquiries, interested parties can visit this page, or contact sales@energycapitalpower.com.
Source: APO Group
By Derrick Kafui Deti – Digital Economy Magazine
