The Sustainable Energy Fund for Africa (SEFA), managed by the African Development Bank, has approved a $760,000 grant to Empower New Energy AS (EmNEW) – a renewable impact investment company.
It is meant to develop at least eight small renewable energy projects with capacity ranging from 1-10 Megawatts (MW), towards bankability and construction.
The grant will support a broad range of project preparation and development activities, including technical feasibility studies, legal due diligence, environmental and social impact assessment, quality assurance and risk management.
Through its Empower Invest fund, EmNEW invests in small and medium-scale renewable energy projects in Africa, with a focus on solar power, hybrid and hydro technologies.
Welcoming the approval, Terje Osmundsen, EmNEW’s CEO, said, “we are very excited to be entering into a partnership with the African Development Bank and SEFA. There is a large number of strong small or medium scale projects across Africa that remain unrealised because they can’t access competitive financing. Our approach allows us to bridge this gap and working with SEFA, will help us to accelerate this process and support more high-quality projects. Together, we can bring impactful investment to Africa, while helping the continent to meet its electrification, carbon-reduction, and sustainable development targets.”
The Bank’s Acting Director for Renewable Energy and Energy Efficiency Daniel Schroth, noted that the Bank’s support to EmNEW through SEFA is fully aligned with SEFA’s strategy to tackle challenges faced by smaller renewable energy projects in many African countries in accessing financing to cover their initial development costs.
Drawing on high-quality local partnerships in Africa, EmNEW invests in renewable energy projects through competitive equity to small and medium scale projects which helps to reduce the time and resources required to finance projects while delivering environmental and social impact.
“Accelerated deployment of distributed solar power and small hydropower is one of the fastest and most cost-efficient ways to bridge the energy access gap, fight climate change and promote sustainable development in Sub-Saharan Africa,” said Wale Shonibare, the Bank’s Acting Vice President for Power, Energy, Climate and Green Growth.
EmNEW has regional offices in Kenya and Ghana, with projects expected to unlock up to $500 million in renewable energy investment, reduce CO2 emissions by 320,000 tons, create 20,000 new jobs, and eventually produce 585 GWh of clean electricity.
The Sustainable Energy Fund for Africa (SEFA) is a multi-donor trust fund administered by the African Development Bank – anchored in a commitment of USD 95 million by the Governments of Denmark, the United States and Norway – to support small- and medium-scale Renewable Energy (RE) and Energy Efficiency (EE) projects in Africa.
In many African countries, smaller clean/renewable energy projects are potentially viable from a commercial perspective, but the initial development costs often prevent these projects from accessing necessary financing.
SEFA is founded on the premise that reliable, clean and affordable energy can contribute to strong African economies and can have a positive impact in creating employment opportunities across the continent.
- #FixTheCountry: How an IGP meet-up turned into a ‘Cabinet Meeting’, without the IGP – Convenor reveals
- Blunt and Blay: Real reason why the Church won’t allow a Muslim student to fast in a ‘Mission School’
- We tried to have children for about 10 years – Ebo Whyte’s wife recounts
- #FixTheCountry organisers exhibited ‘bad faith’ during National Security meeting – Godfred Dame
- I have no regrets participating in ‘OccupyFlagstaffHouse’ protest – Kofi Bentil
- It’ll take time for government to get economy back on track – Kojo Oppong Nkrumah
- Vehicle towing cost to be borne by insurance industry – NIC Commissioner
- Benjamin Azamati qualifies for Tokyo Olympics 200m event
- Electoral Commission has no beef with NDC – Bossman Asare
- #FixTheCountry: Bang your utensils, toot your horns on Sunday – Conveners announce format for virtual protest
Let’s jealously defend the Constitution – NCCE
Prof Sitsofe Enyonam Anku
Angry Ghanaian youth take #FixTheCountry protests to social media after court injunction
Mothers’ Day message from First Lady, Rebecca Akufo-Addo
GAF appeals for support for 37 Military Hospital
#FixTheCountry convener’s claim of phone cloning false and baseless – Oppong Nkrumah
#FixTheCountry: Bang your utensils, toot your horns on Sunday – Conveners announce format for virtual protest
Collapsed gold mine kills at least 15 in Guinea
Mother’s Day: Your hard work will never go unrewarded – Lordina Mahama
AU Heads of States direct AfCFTA negotiations to be concluded by June
Electoral Commission has no beef with NDC – Bossman Asare
Joe Ligon: America’s ‘longest juvenile lifer’ on 68 years in prison
Gunmen kill seven police officers in Nigeria
China rocket debris ‘disintegrates over Indian Ocean’
Playback: Church service with Pastor Mensa Otabil