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
Mediterrania Capital bought Australian Amcor's Moroccan packaging unit Enko Capital took over Servair's Ivorian fast-food business hours...
Bank of Africa Senegal Q1 profit rises 9.7% to 5.7bn CFA Revenue and interest income growth drive higher operating income Loans, deposits...
Fidelity Bank raises 227 billion naira from share placement Central bank review trims oversubscribed offering to 87.7% Bank exceeds 500...
Central bank to release $1 billion in cash to curb black market demand Move aims to ease inflation and restore access to foreign currency IMF...
Most Read
01

Enko Capital acquires Servair’s fast-food unit in Côte d’Ivoire, including the Burger King franchi...

Enko Capital Buys Burger King Côte d’Ivoire in Servair Restructuring
02

From eastern Chad, where measles and meningitis are spreading through overcrowded refugee camps, to ...

Weekly Health Update | Vaccination Gains Advance in Africa; Antimalarial Resistance Threatens Progress
03

(EBID) - EBID aims to allocate nearly 41% of its commitments to projects with environmental and...

EBID makes giant strides for a green transition in west africa
04

As the Japanese automaker faces global headwinds, it is doubling down on its operations in Egypt, ai...

From South Africa to Egypt: Why Nissan is reshaping its African strategy
05

Mobile phones have become essential tools for work, education, payments and staying connected across...

EU Mandates Removable Phone Batteries. What It Means for Africa’s Device Market 
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


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.