The Sustainable Energy Fund for Africa (SEFA), managed by the African Development Bank (AfDB) has approved a US$1 million grant to Independent Power Producers (IPP) in Angola to encourage private investment in renewable energy.
These funds will be used to establish a one-stop shop unit known as the Energy Project Implementation Support Unit (EPISU) that will work as an enabling environment for IPP/Public-Private Partnership (PPP) projects to improve bankability of projects. Additionally, it will also increase capacity-building by providing technical assistance on project procurement, contract design, implementation and monitoring.
As part of its long-term development strategy, the Government of Angola aims to expand electricity access to 60% of the population by 2025, with an expected 70% to be derived from renewable sources.
Amadou Hott, Vice-President of AfDB for Power, Energy, Climate Change and Green Growth, said that this project will enable and stimulate investments through IPPs in the Angolan renewable energy sector and it also complements the US$1 billion Bank’s Power Sector Reform Support Program to the ongoing energy sector reforms undertaken by the country. Source and Image © AfDB