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Solomon Islands Secures $35 Million for Renewable Energy Expansion The Asian Development Bank (ADB) and the Government of Solomon Islands have unveiled a groundbreaking #renewableEnergyInitiative designed to diminish the country's reliance on fossil fuels and advance #sustainableenergy production. This ambitious project is backed by a $10 million concessional loan and a $5 million grant from ADB, alongside contributions of $10 million each from the Saudi Fund for Development (#SFD) and Solomon Power. #fund #renewableenergy #renewableEnergyInitiative #sustainableenergy #ADB #SolomonIslands https://lnkd.in/g4aZtgmJ

Solomon Islands Secures $35 Million for Renewable Energy Expansion The Asian Development Bank (ADB) and the Government of Solomon Islands have unveiled a groundbreaking #renewableEnergyInitiative designed to diminish the country's reliance on fossil fuels and advance #sustainableenergy production. This ambitious project is backed by a $10 million concessional loan and a $5 million grant from ADB, alongside contributions of $10 million each from the Saudi Fund for Development (#SFD) and Solomon Power. #fund #renewableenergy #renewableEnergyInitiative #sustainableenergy #ADB #SolomonIslands https://lnkd.in/g4aZtgmJ

🌍 European Investment Bank (EIB) & Development Bank of Southern Africa (DBSA) Boost South Africa’s Renewable Energy Capacity ☀️💨 In a major win for South Africa’s green energy future, the European Investment Bank (EIB) and the Development Bank of Southern Africa (DBSA) have committed an additional €200 million to support solar and wind projects. This funding brings the total under their renewable energy initiative to €600 million, backing 384 MW of new capacity ⚡. This initiative, part of the EU’s Global Gateway strategy, reinforces sustainable infrastructure development in regions like Africa, advancing global decarbonisation efforts 🌱. It also aligns with the Just Energy Transition Partnership (JETP), which supports South Africa’s transition to a cleaner, greener future. With continued investment like this, South Africa is well on its way to accelerating its renewable energy goals while creating opportunities for growth and sustainability 💡🌍. Read the full article from Renewables Now Ltd here: https://lnkd.in/ebtHsxz4 #RenewableEnergy #Sustainability #GreenEnergy #JustTransition #SolarPower #WindPower #Africa #GlobalGateway #ClimateAction #Investment

EIB and DBSA to Lend Extra EUR 200 M (~USD 220 M) to Renewable Energy Projects in South Africa In a major boost for South Africa's renewable energy sector, the European Investment Bank (EIB) and Development Bank of Southern Africa (DBSA) will jointly lend an additional EUR 200 M (~USD 220 M) to support renewable energy projects in the country. This funding will be split equally between the two banks, focusing on small- and medium-sized solar and onshore wind projects. These projects supported by the program are expected to add a new renewable energy capacity of 384 megawatts. This new investment builds on the EUR 400 M (~USD 440 M) pledged at COP27 in 2022, aimed at supporting independent power projects in South Africa. South Africa's push towards renewable energy has gained momentum under its new energy minister, who has prioritized accelerating the transition from coal. Despite being a major emitter due to its reliance on coal, South Africa boasts abundant renewable energy resources. This initiative aims to tap into this resource and bolster the transition to clean energy, aligning with global efforts to combat climate change and support sustainable development. #RenewableEnergy #ClimateAction #CleanEnergy #SouthAfrica #SustainableDevelopment #GreenFinance #EIB #DBSA

A very interesting initative as in this way Europe would get access to cheap renewable power generated in Saudi Arabia. A win-win as the Kingdom has the resources to produce solar at the lowest costs and it would benefit Europe with additional green power supply. In Europe we shouldn't underestimate the sustainable developements in Saudi Arabia, there is a lot going on in that respect. Of course they want to keep on producing and selling oil, but the Saudis are also investing a lot of money in sustainable developements. For instance the investment arm of Saudi Aramaco has a sustainability fund of 7 billion dollars, to invest in technolgies such as Direct Air Capture, CCS and Hydrogen initiatives across the globe. They have also a voluntary carbon market initiative called Regional Voluntary Carbon Market Company or RVCMC that already organised 2 very succesful auctions, of which one took place in Nairobi Kenya. Leading Saudi companies are in this way investing in carbon credits from projects in Africa. What contributes to emission reduction or removal developments in the Global South. #saudiaramco #electricity #electricityinterconnection #renewablepower #europe #sustainability #energytransition #rvcmc

$100 Million Partnership for Renewable Energy in Africa! 🌍 ⚡ Africa50 and the International Renewable Energy Agency (IRENA) have joined forces in a $100 million partnership to finance renewable energy projects across the continent. This collaboration is part of IRENA’s Energy Transition Accelerator Financing (ETAF) initiative, aiming to accelerate clean energy infrastructure development. This partnership, signed by Alain Ebobissé and Francesco La Camera, was formalised during the OPEC Fund for International Development (OFID) Development Forum in Vienna. Africa50’s $100 million commitment will be pivotal in funding and co-financing renewable energy projects, supporting Africa’s transition to a sustainable energy future. Key Objectives: 🌱 Contributing to carbon neutrality and tackling climate change. 🔋 Accelerating economic growth through sustainable energy solutions. Launched with the support of the UAE, the ETAF platform helps implement the Nationally Determined Contributions (NDCs) of developing countries by deploying clean energy solutions. This initiative is backed by multiple donors and international financial institutions, including OFID, ADFD, IDB, EBRD, EDB, AIIB, IFC, and private sector partners like Masdar. Read the full article from energynews.pro here: https://lnkd.in/d-Xfbk42 #RenewableEnergy #SustainableDevelopment #EnergyTransition #Africa50 #IRENA #CleanEnergy #ClimateAction

Nigeria has secured a $500 million loan from the African Development Bank Group (AfDB) to upgrade its electricity infrastructure and increase access to cleaner energy sources. This funding will support the initial phase of the Economic Governance and Energy Transition Support Program (EGET-SP), which aligns with Nigeria's new Electricity Act and Energy Transition Plan. The program's objectives include enhancing power infrastructure, expanding renewable energy capacity, and promoting clean cooking solutions by 2030.   Fadekunayo Adeniyi Darious Mumba Denis Uche Akabogu. Terseer Ugbor Abba Abubakar Aliyu ENEFIOK EDWIN NKAN Damilola Ogunbiyi Petlong Dakhling Ikechukwu Promise Obialor Dakim Dung Follow The African Energy Council for more energy news. #NigeriaEnergy #aecouncil #CleanEnergy #EnergyTransition #RenewableEnergy #AfDB #WorldBank #SustainableDevelopment #ElectricityInfrastructure #EnergyReform #ClimateAction

Africa50 Infrastructure Investment Platform, a pan-African investment platform, joins International Renewable Energy Agency (IRENA)‘s Energy Transition Accelerator Financing (ETAF), an initiative supported by various investors. This partnership, formalized on the sidelines of the The OPEC Fund for International Development (OFID) Development Forum in Vienna, marks a turning point in the financing of renewable energies in Africa. The $100 million committed by Africa50 will be used to finance and co-finance energy transition and renewable energy infrastructure projects across Africa. Launched three years ago with the support of the United Arab Emirates, the ETAF platform aims to implement the Nationally Determined Contributions (NDCs) of developing countries, by deploying clean energy solutions. The main aim of this partnership is twofold: to reduce carbon emissions and accelerate economic development on the African continent. After signing the agreement, Alain Ebobissé stressed the importance of this initiative in achieving carbon neutrality and creating a more sustainable future for Africa. Read more: https://lnkd.in/d-Xfbk42 #RenewableEnergy #Solar #Africa #Investment

Exciting news from Tunisia as the European Bank for Reconstruction and Development (EBRD) steps in to finance the construction of a cutting-edge 10 MW solar plant in the Feriana region. This initiative underscores a significant stride towards sustainable energy in the region. The financing package, which includes a €3.9 million EBRD loan and additional concessional funding from Finland, highlights a strong commitment to climate action and renewable energy development. The project, spearheaded by European renewables developer Qair, promises to not only harness the abundant solar resources of Tunisia but also to stimulate economic growth and promote environmental sustainability. As the EBRD continues its impactful investments in Tunisia, this latest endeavor marks another milestone in the journey towards a greener, more resilient future. European developer reaches financial close on 10 MW of solar in Tunisia: https://lnkd.in/dwXyDAhd #RenewableEnergy #CleanEnergy #Sustainability #EnergyEfficiency

Eskom Holdings SOC Ltd CFO to Address Invest in Africa Energy Forum, Signifying South Africa’s Commitment to Energy Infrastructure Upgrades and Private Investment Eskom’s Chief Financial Officer, Calib Cassim, is set to address the Invest in Africa Energy (IAE) forum in Paris, reaffirming the South African utility’s commitment to modernizing and expanding its national energy infrastructure through collaboration with private investors and developers. The IAE 2024 forum aims to bring together African and global investors for two days of networking and deal-making, showcasing Africa’s prominent energy opportunities. Eskom, South Africa’s primary energy supplier, seeks private investment to ensure the country’s energy security. South Africa has grappled with rolling blackouts since 2007, stemming from insufficient power supply and aging coal plant failures. Eskom estimates […] Read the full story here: https://lnkd.in/dwubmvTm #solarenergy #alternativeenergy #solarpv #pvsolar #photovoltaic #cleanenergy #cleantech #climatechange #middleeast #africa #india #asiapacific #asia #africa #energyforum #eskom #iae #southafrica