AfDB and Rockefeller Foundation Sign $1.6Billion Renewable Energy Deal

11 June 2018, Germany, Berlin: Akinwumi Adesina, President of the African Development Bank (AfDB), delivers a statement during a press conference after the meeting of German Chancellor Merkel with chairmen and -women of international finance and economy organisations at the Federal Chancellery. Photo: Bernd von Jutrczenka/dpa

The African Development Bank (AfDB) and the Rockefeller Foundation have signed a Letter of Intent to partner on decentralised renewable energy (DRE) solutions and grid-based energy transition for Africa.

The partnership is coming few days after the launch of the Global Energy Alliance for People and Planet (GEAPP) at COP26.

The synergy will see both institutions within the GEAPP framework co-finance projects worth $1.6 billion within 5 years.

The Rockefeller Foundation will dedicate up to $100 million in catalytic concessional capital to this partnership with the African Development Bank in the context of GEAPP with a view to mobilising up to $1.5 billion in capital for aligned investments from the Bank and other public and private sector partners across Africa.

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Among the priority areas of collaboration under the partnership are; support for the roll-out of DRE solutions, utility-scale solar projects and associated grid investments to accelerate transformational programs that deliver energy to underserved communities at scale via low carbon solutions, including accelerating the African Development Bank’s Desert to Power (DtP) initiative in the Sahel region.

With an initial $35 million investment in the Sustainable Energy Fund for Africa (SEFA), hosted by the African Development Bank Group, there’s a chance to leverage $500 million in aligned investment for the implementation of jointly agreed projects in the Sahel countries.

“The Global Energy Alliance is a game-changing initiative which will help to accelerate access to electricity in our drive to end global energy poverty.  The African Development Bank is excited to partner with The Rockefeller Foundation and its alliance partners, to help light up and power Africa,” said Akinwumi Adesina, President of the African Development Bank Group, who was represented by Vice President for Power, Energy, Climate & Green Growth, Kevin Kariuki.

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Another priority area for the GEAPP partners is the nexus between energy and agriculture, with both institutions recognising that investments in demand stimulation, specifically increasing the productive use of power, are critical to raising the utilisation of decentralised renewable energy capacity, creating jobs and improving livelihoods.

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