AFRICAN DEVELOPMENT BANK’S SUSTAINABLE ENERGY FUND FOR AFRICA (SEFA) GRANTS $760,000 TO DEVELOP SMALL-SCALE RENEWABLE ENERGY PROJECTS ACROSS SUB
The African Development Bank (www.AfDB.org) -managed Sustainable Energy Fund for Africa (SEFA) (http://bit.ly/2XB5zug), has approved a $760,000 grant to Empower New Energy AS (EmNEW), to develop at least eight small renewable energy projects with capacity ranging from1-10 MW, towards bankability and construction.
The grant will support a broad range of project preparation and development activities, including technical feasibility studies, legal due diligence, environmental and social impact assessment, quality assurance and risk management.
Through its Empower Invest fund, EmNEW invests in small and medium-scale renewable energy projects in Africa, with a focus on solar power, hybrid, and hydro technologies.
Welcoming the approval, Terje Osmundsen, EmNEW’s CEO, said, “We are very excited to be entering into a partnership with the African Development Bank and SEFA. There is a large number of strong small or medium scale projects across Africa that remain unrealised because they can’t access competitive financing. Our approach allows us to bridge this gap and working with SEFA, will help us to accelerate this process and support more high-quality projects. Together, we can bring impactful investment to Africa, while helping the continent to meet its electrification, carbon-reduction, and sustainable development targets.”
The Bank’s support to EmNEW through SEFA is fully aligned with SEFA’s strategy to tackle challenges faced by smaller renewable energy projects in many African countries in accessing financing to cover their initial development costs, the Bank’s Acting Director for Renewable Energy & Energy Efficiency Daniel Schroth noted.