NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Friday, March 10, 2017

The European Commission has pledged €300 million in an effort to leverage further investments amounting to €4.8 billion for the development of 19 new renewable energy projects in Africa, as part of its role in the Africa Renewable Energy Initiative.

Announced this week in Conakry, Guinea, the EU Commissioner for International Cooperation and Development, Neven Mimica, announced the preparation of 19 new renewable energy projects in Africa which would require a total investment of €4.8 billion. The European Commission will contribute €300 million ($316 million) in an effort to leverage the remaining necessary investments, which in turn would see 1.8 gigawatts (GW) of new renewable energy capacity added in Africa.

“With these 19 new projects, potentially worth €4.8 billion of investments, the European Union is delivering on its promises,” said Neven Mimica. “We are turning our pledges into real projects with true impact on the ground. The EU hereby reaffirms its leading role in supporting the African continent in the promotion of renewable energies for the improvement of energy access for African citizens.”

The European Union is actually significantly invested in supporting the development of new renewable energy in Africa. As part of the European Commission’s aims for 2020, it intends to provide access to sustainable energy to 30 million people, save 11 million tonnes of carbon dioxide annually, and help generate an additional 5 GW of new renewable energy across Africa.