A $760,000 grant to Empower New Energy (EmNEW) has been approved by the Sustainable Energy Fund for Africa (SEFA) that is managed by the African Development Bank. The grant will aid in developing at least eight small renewable energy projects with capacity ranging from1-10 MW, towards bankability and construction.
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 and provide support to a broad range of project preparation and development activities.
Wale Shonibare, African Development Bank’s Acting Vice President for Power, Energy, Climate and Green Growth said, “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”.
The African Development Bank’s Acting Director for Renewable Energy & 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.