Finance

African Development Bank’s SEFA provides $1 million to kick off modernization of Africa’s Hydropower Fleet

African Development Bank’s SEFA provides $1 million to kick off modernization of Africa’s Hydropower Fleet
Thursday, 16 September 2021 20:46

The Sustainable Energy Fund for Africa (SEFA) has approved a $1 million grant for modernization of Africa’s aging hydropower fleet.

The grant will fund the mapping and evaluation of African hydropower facilities’ rehabilitation needs. It will also support the preparation of modernization works for two pilot facilities to a bankable stage, a move expected to add 200 MW in generation capacity, create 150 jobs and reduce greenhouse gas emissions by about 300 kilotons of CO2 annually. The modernization of hydropower stations is an opportunity to increase generation capacity at low-cost, and with relatively short lead-times and minimal environmental impact.

Modern hydropower plays a key role for Africa’s energy transition, reducing reliance on fossil fuels and anchoring larger shares of Variable Renewable Energy sources. This transformative program under SEFA’s Green Baseload component will specifically capitalize on the significant market opportunity for rehabilitation of Africa’s existing hydropower plants”, said Dr. Daniel Schroth, Acting Director for Renewable Energy and Energy Efficiency at the African Development Bank.

The African Development Bank manages SEFA. The project is fully aligned with the Bank’s New Deal on Energy for Africa, which aims to provide universal access to energy for Africans and prioritizes low-carbon technologies that harness the continent’s hydro, solar, geothermal and wind resources.

The program will be implemented in partnership with the International Hydropower Association (IHA), which has participated in similar initiatives in Asia and South America. Alex Campbell, IHA’s Head of Research and Policy said, “We are delighted to support the African Development Bank in this important and urgent project to modernize Africa’s hydropower fleet.”

 

On the same topic
Côte d’Ivoire will receive $234 million for a sustainable urban mobility project in Abidjan. Gambia will receive $32.2 million to build...
Stanbic IBTC and Zenith Bank cut monthly card spending abroad to $500 and $200 Foreign reserves fall by $3.5 billion in six...
Cauri Money launches Gajo Money, an e-wallet for the Cameroonian diaspora, targeting €120 million in transactions by end-2025. The fintech...
• Kenya and ASR sign deal to reduce risk on projects worth up to $2 billion.• Risk cover will target infrastructure, energy, logistics, and trade...
Most Read
01

• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might see...

Afreximbank Bonds Retain Market Confidence Despite Moody’s Downgrade
02

• Qatar Airways and Kenya Airways establish strategic agreement, introducing a third daily flight be...

Qatar Airways Expands its Network in Africa, Building Presence in Kigali, Johannesburg, and Nairobi
03

• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boo...

Nigeria Secures $100 mln ECOWAS Bank Loan for Lagos-Calabar Coastal Highway
04

• EY is preparing to leave Francophone Sub-Saharan Africa by 2026• The exit could unlock $500 m...

EY’s Exit Creates $1bn Opportunity in Francophone Africa Consulting Market
05

• Inflation within the West African Economic and Monetary Union (UEMOA) fell to a two-year low of 0....

UEMOA: Inflation Drops to 0.6% in May, Driven by Lower Food Prices
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.