African money for African energy

A solar panel that powers the drip irrigation system in a rural village in Benin. Photo : Stanford University

Casablanca (ADV) – The renewable energy market in Africa has been mainly dominated by foreign and financial institutions for several years.

Today, various projects have been designed for Africa to feed Europe’s growing energy needs. Projects such as a concentrated solar power panel in the Sahara desert and a submarine connecting Tunisia and Italy, among others, are all financed by European investors.

Accordingly, foreign support of this market has been in exchange of African governments limiting state intervention, liberalizing the market and cutting the import taxes and local subsides. So Africa’s local industries have felt the implicit consequences.

In fact, it is reported by Solar-Plaza that ‘50% of Africans are not electrified at all, and the other 50% are often connected to unreliable energy sources.’

However, there are many opportunities that African investors can take advantage, particularly in the solar energy development market. ‘This is the right time for local investors to take action and get involved in Africa’s rapidly growing solar industry,’ states Lydia van Os, Africa Lead at Solar-Plaza.

In order to accelerate the global sustainable energy transition and focus on unlocking capital for new solar projects development in Africa, Solar-Plaza will be hosting the 3rd edition of Unlocking Solar Capital (USC) Africa conference, taking place on 7th and 8th November 2018 in Kigali, Rwanda. Creating as a result, a platform for international and local solar stakeholders to meet and share knowledge.

© Bur-csa – K.Z – African Daily Voice (ADV)