The African Development Bank (Africa) has approved a $25m investment in the ARCH Africa Renewable Power Fund (ARPF), which will fund the development of between 10 and 15 renewable energy projects of around 533 MW capacity in areas with low access to electricity. Sub-Saharan Africa has just 43% electrification. The Africa's investment forms part of its 10-year strategy to achieve universal electrification in the region. The bank is hoping its investment in the fund will encourage other development banks to invest between $60 and $75m of equity in the project.
The African Development Bank (AfDB) has approved a $25m investment in the ARCH Africa Renewable Power Fund (ARPF), which will fund the development of between 10 and 15 renewable energy projects of around 533 MW capacity in areas with low access to electricity. Sub-Saharan Africa has just 43% electrification. The AfDB's investment forms part of its 10-year strategy to achieve universal electrification in the region. The bank is hoping its investment in the fund will encourage other development banks to invest between $60 and $75m of equity in the project.