Latest news with #Mission300
Zawya
a day ago
- Business
- Zawya
The African Development Bank (AfDB) and Sustainable Energy Fund for Africa (SEFA) provide $40 million investment in equity platform Zafiri to accelerate renewable energy access across Africa
The Board of Directors of the African Development Bank ( has approved a $40 million equity investment in Project Zafiri, a transformative equity platform and flagship initiative under Mission 300 ( This investment will accelerate the expansion of renewable energy access across Africa. Zafiri - jointly developed by the Bank, World Bank Group and other partners - aims to address the critical shortage of patient, longer-term equity capital needed to de-risk and scale Decentralized Renewable Energy solutions (DRE) for underserved communities across the continent. Decentralized Renewable Energy is the fastest, most cost-effective, and sustainable way to expand electricity access in rural Africa. Unlike centralized grids, DRE solutions—such as mini-grids and stand-alone solar home systems—can be deployed quickly and affordably, even in remote or fragile areas. Under Mission 300, which aims to connect an additional 300 million people to electricity by 2030, DRE will play a central role in ensuring no community is left behind. These decentralized systems are modular, scalable, and well-suited to the continent's dispersed populations and geographic challenges. More than half of all new electricity connections by 2030 are expected to come from DRE. Zafiri is structured as a Permanent Capital Vehicle with a targeted capitalization of $1 billion, raised through a phased approach. Phase 1 targets $300 million in total commitments, equally split between junior and senior equity, with junior equity serving as a key catalyst to crowd-in private sector in this higher-risk, undercapitalized market. The African Development Bank's $40 million contribution consists of $30 million in senior equity from its balance sheet and $10 million in junior equity from the Sustainable Energy Fund for Africa (SEFA), a multi-donor special fund managed by the Bank. 'Zafiri is a catalytic platform that will be an integral component of the Bank's strategy to accelerate universal access to modern energy in Africa. With just five years remaining to reach Mission 300's goal of additional 300 million connections by 2030, this initiative provides a timely and innovative solution to scale private capital for impact,' noted Kevin Kariuki, Vice President for Power, Energy, Climate, and Green Growth at the African Development Bank. Wale Shonibare, Director for Energy Financial Solutions, Policy, and Regulations, described Zafiri as the largest patient capital commitment to the African DRE sector to date. He said it exemplifies how structured blended financing can unlock commercial capital while delivering inclusive, climate-resilient energy access across the continent. Project Zafiri will address the lack of longer-term equity that is constraining the growth of the DRE sector in Africa, Daniel Schroth, Director for Renewable Energy and Energy Efficiency, said, adding that by anchoring the junior equity tranche, SEFA is helping to crowd in private investment at scale. Zafiri aligns with the Bank's Ten-Year Strategy (2024–2033) to promote private investment in energy infrastructure, the High 5s, particularly Light Up and Power Africa, Industrialize Africa, and Improve the Quality of Life for the People of Africa, and the New Deal on Energy for Africa. It also contributes to both mitigation and adaptation goals under the Bank's Climate Change and Green Growth Policy and Strategy and supports the objectives of SEFA and the Private Sector Development Strategy (PSDS) to mobilize equity for clean energy and energy efficiency investments. Zafiri also aligns with the Bank's Equity Investment Framework and represents a pioneering approach to blended finance in Africa's energy transition and a critical step toward achieving universal energy access. Distributed by APO Group on behalf of African Development Bank Group (AfDB). About the African Development Bank Group: The African Development Bank Group is Africa's premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information:
Al-Ahram Weekly
19-06-2025
- Business
- Al-Ahram Weekly
$1.1 billion in transmission deals highlight day 2 of Africa Energy Forum in Cape Town - Energy
Over 6,000 delegates attended the second day of the Africa Energy Forum 2025 at the Cape Town International Convention Centre. The forum reinforces Africa's collective determination to achieve universal energy access, accelerate clean energy deployment, and strengthen regional power trade. Under the theme 'Africa United', governments, financiers, developers, innovators, and youth leaders converged to turn dialogue into action through new partnerships, initiatives, and investment pledges. Egyptian energy leader Elsewedy Electric reaffirmed its commitment to advancing Africa's energy future through active participation at the Africa Energy Forum (AEF 2025), hosted at the Cape Town International Convention Centre. The company showcased its integrated portfolio of sustainable energy solutions while engaging with key partners, government stakeholders, and international investors. In a statement, Elsewedy Electric described the Forum as a vital platform for advancing its mission on the continent. "This key industry event is a powerful platform for our leadership and Africa Commercial team to showcase our cutting‑edge sustainable energy solutions. We're excited to build new partnerships, unlock fresh business opportunities, and reaffirm our commitment to powering Africa's energy future." Elsewedy's presence highlighted its growing role as a regional industrial powerhouse, with capabilities spanning solar generation, medium-voltage smart distribution, grid modernisation, and off-grid electrification systems. Through its exhibition stand and a series of high-level meetings, the company presented its technical solutions to support Africa's energy transition and achieve universal electricity access. The company's participation aligns with its broader expansion strategy across the continent, building on recent achievements, including a $150 million financing package secured earlier this year from the International Finance Corporation (IFC), First Abu Dhabi Bank, and Europe Arab Bank. This funding supports Elsewedy's clean energy and industrial projects, which are expected to contribute significantly to emissions reductions and the region's decarbonisation agenda. One of the day's key outcomes was the launch of Mission 300 by the African Development Bank (AfDB) and the World Bank, aiming to provide electricity to 300 million people by 2030, starting with 50 million new connections in its initial phase. AfDB President Dr Akinwumi Adesina declared: 'No economy can grow, industrialize, or be competitive in the dark.' Dr Kevin Kariuki, AfDB Vice President for Power, Energy, Climate Change and Green Growth, added: 'Mission 300 is Africa's most ambitious and coordinated effort to deliver universal energy access at scale. It will only succeed through new capital, partners, and solutions.' Accompanying this, AfDB signed a $400 million blended finance agreement with a consortium of private investors and development agencies to support mini-grid and off-grid solutions in underserved rural regions, prioritising projects in Mozambique, Sierra Leone, and Chad. The bank also formalised a memorandum of understanding (MoU) with the African Trade Insurance Agency (ATI) to provide political risk insurance for renewable energy investments tied to Mission 300. The forum also witnessed the signing of a cross-border transmission financing deal valued at $1.1 billion between the Southern African Power Pool (SAPP), Standard Bank, and the European Investment Bank. This agreement aims to fast-track the development of the Mozambique-Malawi-Zambia transmission corridor, a key element of the African Single Electricity Market (AfSEM). The deal was unveiled during the session, where European and African leaders reaffirmed their commitment to deeper regional integration. Adam Cortese, CEO of Sun Africa, stated: 'The future of African power infrastructure starts with Sun Africa, and the conversation about Africa's energy future continues at the Africa Energy Forum. We are proud to be the Forum Sponsor of an event that will unite visionaries and people across the continent.' Technology providers also sealed several essential partnerships. Trinasolar, in unveiling its Vertex N 630W ultra-durable module, announced a framework agreement with Eskomto pilot 100 MW of integrated solar-plus-storage systems in South Africa's Northern Cape. Vincent Wu, Trinasolar's Vice President for the Middle East and Africa, noted: 'Our Vertex N 630W module and storage systems bring real resilience to African energy grids facing extreme climate realities.' In parallel, Relyez inked a supply and maintenance contract with Kenya Power to deploy modular battery energy storage systems to stabilise grid operations in Nairobi and Mombasa. Green investment commitments continued to build momentum with the launch of the Octopus Energy Power Africa (OEPA) Fund, aimed at raising $250 million for clean energy over three years. Zoisa North-Bond, CEO of Octopus Energy Generation, said: 'Africa is abundant with clean energy potential – enough to build the next-generation renewable powerhouse and a greener, fairer future fuelled by sunshine and wind.' The fund's initial $60 million will target solar and wind projects in Kenya, Senegal, and Ghana, emphasizing local job creation. Youth and community engagement remained central. The Youth Energy Summit (YES!) attracted over 4,000 young professionals, students, and entrepreneurs who participated in masterclasses, pitch competitions, and direct dialogues with investors. Adam Cortese highlighted the importance of youth inclusion, reiterating that the forum would 'unite visionaries and unite people from across the continent.' The day concluded with the Africa Challenge Cup at DHL Stadium, where mixed teams of delegates, sponsors, and local players participated in a friendly football tournament, embodying the spirit of unity and informal collaboration. Day 2 of AEF 2025 showcased the power of partnerships, financial innovation, and technological advancement to drive Africa's energy transformation. The forum is now in its third day and will focus on green finance, sustainable utility reform, and advancing regional trade frameworks. Follow us on: Facebook Instagram Whatsapp Short link:
Morocco World
17-06-2025
- Business
- Morocco World
Africa Energy Forum Opens in Cape Town with Bold Call for Continental Unity
Cape Town — The 27th Africa Energy Forum (AEF) launched today with a powerful message of unity and urgency, as continental leaders declared that Africa's energy crisis requires immediate action and unprecedented cooperation to address the needs of 600 million people living without electricity. Amadou Hott, former Special Envoy of the President of the African Development Bank for the Alliance for Green Infrastructure in Africa, delivered a keynote that crystallized the forum's central theme. 'Energy is everything. Without abundant, reliable, affordable, and sustainable energy, we have no transformation,' he said. Amadou Hott, former Special Envoy of the President of the African Development Bank for the Alliance for Green Infrastructure in Africa Hott spoke of energy's significance in building Africa's future, asserting: 'Actually, we have no future without energy.' Continental integration as solution Hott outlined an ambitious vision for African energy integration, calling for practical economic unity across the continent. 'Picture this reality: A hydroelectric dam in Kinshasa powers factories in Lusaka. Natural gas from Nigeria's river states fuelling industries in Douala,' he said, pointing out that investors 'pursue scale, stability and simplicity' that only a united Africa can deliver. The financial challenge is staggering. Africa needs '$250 billion annually by 2030 to meet energy demand,' Hott detailed, with the electricity sector alone requiring '$120 billion annually,' yet the continent receives only 3% of global energy investments despite housing 20% of the world's population. Lerato Mataboge, African Union Commissioner for Infrastructure & Energy, reinforced the urgency of the crisis. '600 million Africans are currently left without access to electricity,' she said, warning that 'at the current pace of development, 570 million people will still be without access to electricity by 2030.' Lerato Mataboge, African Union Commissioner for Infrastructure & Energy The human cost extends beyond darkness. Mataboge revealed that 'about 600 thousand women and children die each year in Africa due to inefficient utilisation of biomass,' making energy provision 'a human rights issue' in the African continent. Political will and private partnership South Africa's Minister of Electricity and Energy, Kgosientsho Ramokgopa, framed the challenge in stark terms: 'Electricity is not a luxury. It is a fundamental and basic human right. It is the oxygen of economic activity, the lifeblood of industrialization.' Through the Mission 300 initiative, endorsed by the African Union, the continent aims to 'electrify 300 million Africans by 2030.' Ramokgopa recalled that this is 'not a pipeline, it is a political decision,' requiring just '$25 billion per year, equating to less than 1% of global energy investments.' Kgosientsho Ramokgopa, South Africa's Minister of Electricity and Energy Private sector leader Goran Rajsic of SUN Africa brought a developer's perspective, arguing that 'Africa needs electricity yesterday.' His company is building 400 megawatts of solar capacity in Angola while advocating for a government-owned, contractor-operated model that ensures 'infrastructure must remain sovereign.' Path forward The forum will continue through June 20, with leaders recalling that fragmented thinking must give way to integrated, continental solutions. As Hott concluded: 'Let's move decisively from PowerPoint to power plants, from intentions to connections, from fragmented markets to one united, electrified, and economically empowered Africa.' Tags: Africa Energy ForumAfrica Energy Forum (AEF)Energy in Africa
Zawya
09-06-2025
- Business
- Zawya
The Energy News Network (ENN): The New Independent Voice for Emerging Market Energy
The Energy News Network (ENN), a new independent platform dedicated to the stories behind energy in emerging markets, is now live. Covering corporate and public sector leaders, utilities, ministries, and regulators across Africa and beyond, ENN will track the policy shifts, investments, and diplomatic moves shaping the energy sector's evolution. Visit: Africa's energy demand is growing at twice the global average yet, with more than 600 million people still unable to access electricity, the continent needs some $25bn annually in energy investments to achieve universal access by 2030. ENN will delve into how the region can meet these ambitious targets, spotlighting the people, projects and policies defining the future of energy access, innovation, and impact. The platform features incisive editorial, expert opinion, and compelling human stories centred on Africa's 21st-century energy narrative. From renewables to mining, and from finance to frontier energy access, ENN provides independent, in-depth coverage of a sector critical to the continent's future. Current feature stories include: Exploring how Mission 300 is tackling Africa's energy access crisis and scaling clean energy solutions. A deep dive into Zambia's current energy challenges and opportunities. A profile of William Amuna, the new board chair of the Electricity Company of Ghana. Visit: Simon Gosling, founder of ENN, says: 'We're committed to telling the stories that matter most, combining expert insight with sharp analysis to shine a light on the forces shaping energy in emerging markets. Our goal is to bridge expertise with on-the-ground realities, giving voice to the people, projects, and policies driving energy transformation across Africa and beyond in the 21 st century.' Distributed by APO Group on behalf of EnergyNet Ltd..
Bloomberg
04-06-2025
- Business
- Bloomberg
Zimbabwe Has $9 Billion Plan to Join African Electricity Drive
Zimbabwe laid out plans to raise more than $9 billion to boost energy access at a conference in London on Wednesday, an event organized by multilateral lenders to promote a flagship African electrification program to private investors. The plan, which falls under the World Bank and African Development Bank 's Mission 300 program, envisages a more than doubling of the country's power production from hydro, wind, solar and biomass plants, a copy of the presentation sent to Bloomberg showed. Zimbabwe has been hit by regular power outages in recent years, often lasting most of the day, due to a lack of generation capacity.
