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African green energy projects get $825,000 boost

African Union Chairman (Left) and Goodluck Jonathan

African Union Chairman (Left) and Goodluck Jonathan

The Sustainable Energy Fund for Africa (Sefa) — a joint initiative of the Danish government and the Energy, Environment and Climate Change Department (Onec) of the African Development Bank (AfDB) — approved recently its first grant of $825,000 to finance energy projects. The funds will be channelled to the Green Tech Financial Facility — a vehicle for investments in private-sector driven green technology projects — including market scoping and positioning studies, fund conceptualisation and fund manager selection.

The grant will be coordinated and monitored by a task team from the Private Sector Department of the AfDB, working closely with the African Biofuel and Renewable Energy Company (ABREC) and the Sefa secretariat. African countries are embracing the “green growth” development paradigm to address their economic, environmental and social challenges, according to a press statement from the AfDB headquarters in Tunis.

“There is however, an absence of a coherent investment framework to support this agenda in Africa and elsewhere. Climate-oriented facilities designed to address this problem channel capital from predominantly public contributions,” the statement added. The Sefa grant, the statement added, will  support the AfDB in structuring and launching an investment facility aimed at increasing private capital flow channelled to private sector-led projects that implement carbon-reducing and clean technologies for Africa.

The optimal structure and fund management protocol for the financial facility will be informed by thorough market research and analysis. Sefa was established in 2011 with a commitment from the Government of Denmark of DKK 300 million ($56 million), and was open for business at the start of 2012, currently operating under two components.

From: The Citizen