$12B to be provided for renewable energy projects over next 5 years

The African Development Bank (AfDB) has pledged to provide $12 billion for renewable energy projects in an effort to mobilise funds to accelerate access to electricity in Africa.

The multilateral financial institution stated that the funds will be spent over the next five years under the African Renewable Energy Initiative of the Africa Union (AU), which should empower African countries to scale up harnessing of their renewable energy potential, reports ESI-Africa.

The initiative targets to deliver 10 GW of electricity by 2020 and 300 GW by 2030.

Source: ESI-Africa