M a r k e t N e w s
Additional 160GW to be Added to Continent's Power Grids with AfDB's New Deal
Posted on : Friday, 18th March 2016
President of the African Development Bank, Dr. Akinwumi Adesina, says the new deal articulated by the bank on energy for Africa in 2015 will add 160 gigawatts, GW, of new electricity generation capacity to Africa's power grids by 2025.
In September 2015, the Bank articulated a New Deal on Energy for Africa and launched a Transformative Partnership on Energy for Africa to light up and power the continent by 2025.
Adesina, who said a lot more needed to be done given Africa's energy potential and the huge needs to be met, stated that energy remains the central theme of the African Development Bank's 2016 Annual Meetings as well as its 2015 Annual Report.
"The goal is to add 160 GW of new generation capacity through the existing grid, deliver 130 million new grid and 75 million off-grid connections," Adesina explained.
He added that "Africa is blessed with limitless potential for solar, the wind, hydropower and geothermal energy resources. We must unlock Africa's energy potential - both conventional and renewable. Unlocking the huge energy potential of Africa, for Africa, will be a major focus of the Bank."
A statement from the bank said the continent 's energy needs are so huge that efforts being made in the sector often appear like drops of water sprinkled in the Sahara Desert.
According to the bank, its current energy portfolio hovers around US $11 billion, but lending to energy sector projects (public and private) is exceeding an annual US $1 billion in recent years.
Source : allafrica.com
