United Kingdom - The UK government announced at the COP24 event in Poland an extra £100 million of renewable energy funding for the Renewable Energy Performance Platform (REPP) in Africa.
This funding will give Sub-Saharan Africa’s small to medium-scale renewable energy sector a major boost and should enable REPP to support the financing of up to 40 more projects across the region from 2019-2023 – providing improved or first-time electricity access to around 2.4m people per year.
The new funding is also expected to unlock an extra £156 million of private finance into renewable energy markets in Africa by 2023.
REPP is already supporting 18 renewable energy projects across 11 African countries, employing seven different technologies, from solar home systems and PV mini-grids to biomass and run-of-river hydro.
Over the projects’ 25-year lifespans, they are together expected to provide improved or first-time energy access to 4.5m people, increase capacity from clean energy by 194MWwhile creating 8,000 jobs during development and operation.
“In just a few years, REPP has made significant inroads using climate finance to help realise the enormous potential small to medium-sized renewable energy projects in catalysing sub-Saharan Africa’s clean energy revolution, enabling change where it’s most needed,” said Geoff Sinclair, Managing Director of Camco Clean Energy. “Today’s announcement demonstrates BEIS’s commitment to the programme, and will enable REPP to extend its important work to millions of other people who currently have little or no access to electricity in the region, while significantly reducing greenhouse gas emissions.”
Also speaking on the announcement, Claire Perry MP, UK Minister of State for Energy and Clean Growth, said, “At home we’re world leaders in cutting emissions while growing our economy and abroad we’re showing our international leadership by giving countries a helping hand to shift to greener, cleaner economies.”
“This £100 million will help communities harness the power of their natural resources to provide hundreds of thousands of people with energy for the first time. Building these clean, reliable sources of energy will also create thousands of quality jobs in these growing green economies,” Perry added.
REPP was set up in 2015 with £48m initial funding from the UK’s Department for Business, Energy and Industrial Strategy (BEIS) to help small to medium-scale renewable energy projects attract and access private and institutional investment – mobilising private finance in sub-Saharan Africa. It is managed by Camco Clean Energy, a leader in renewable energy finance, which provides developers with access to various financing products, services and experience.
The £100 million funding is part of the UK’s commitment to invest £5.8 billion in international climate finance by 2020 to encourage ambitious action from other governments, the private sector and communities in the global effort to tackle climate change.
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