African Dev’t Bank Secures over 170 Mln USD for Decentralized Renewable Energy (DRE) Projects

(ENA) The Board of Green Climate Fund has approved 170.9 million USD for African Development Bank’s Leveraging Energy Access Finance Framework (LEAF) program.

LEAF aims to unlock commercial and local-currency financing for decentralized renewable energy (DRE) projects in six program countries: Ghana, Guinea, Ethiopia, Kenya, Nigeria and Tunisia.

The Green Climate Fund’s financing is part of an overall 900 million USD program budget whose objective is to scale up roll-out of mini-grids, solar home systems, and commercial and industrial solar solutions in the program countries, according to a press release of Green Climate Fund (GCF).

Green Climate Fund Private Sector Facility Acting Director, Tony Clamp said GCF is delighted to partner with the African Development Bank to support this timely and critical program for decentralized renewable energy across these six African countries.

“Green Climate Fund’s commitment will help unlock much-needed commercial capital and local currency financing to help overcome financing barriers exacerbated by Covid-19,” he added.

African Development Bank Vice President for Power, Energy, Climate and Green Growth Vice President Kevin Kariuki said GCF’s approval of LEAF is a significant boost for the African Development Bank’s twin ambitions of accelerating electricity access and supporting the transition to clean energy on the continent using decentralized renewable energy solutions, and moreover facilitated through local financing.

GCF was established by 194 governments to limit or reduce greenhouse gas (GHG) emissions in developing countries, and to help vulnerable societies adapt to the unavoidable impacts of climate change.

Source: Ethiopia News Agency