AfDB grants credit for electrification from renewable energy

The African Development Bank (AfDB) has recently granted a loan of US$ 500 million for Africa's electrification through renewable energy. The funds will be distributed among major project promoters and off-grid suppliers. Good news for renewable energy project developers in Africa, who now have an additional $500 million in funding to carry out their projects. Called the Energy Inclusion Facility (EIF), the line of credit is opened by the African Development Bank (AfDB). This financing comes at a time when the development of renewable energies, particularly solar energy, is experiencing a certain dynamism. The credit line is divided into two parts. An amount of $100 million is earmarked for the off-grid. This tranche will allow off-grid providers to expand their services, especially in rural areas where people are often not connected to the national electricity grid. The most common solution is the solar home kit, a small network that supplies a home. The off-grid market is not negligible for companies, with companies increasingly opting for grid autonomy, particularly in countries such as Nigeria.

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