European Commission seeds African renewable energy projects

The European Commission is investing €300 million ($318 million) to develop 19 renewable power projects across Africa.

When completed, the projects would add 1.8 gigawatts of renewable power generation to the continent.

The EC is making the investment as part of the Africa Renewable Energy Initiative (AREI), a consortium of six multilateral and development agencies.

The initiative has a 2020 target of 10 gigawatts.

It is raising $5 billion in concessionary funds to leverage an additional $15 billion in commercial private capital.

This post is from ImpactAlpha’s daily newsletter. Get it first in The Brief.

Photo credit: OPIC

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