Ethiopia and Nigeria get Renewable and Energy Efficiency Funding

ETHIOPIA and Nigeria have been given a financial boost to improve energy efficiency and renewable energy across the two countries from African Development Bank (AfDB).

Ethiopia’s efforts to increase energy efficiency and diversify its hydro-dependent energy mix through renewable energy got a $50 million boost from the Climate Investment Funds (CIF) committee meetings last week when Ethiopia’s investment plan under the Scaling Up Renewable Energy Program for Low Income Countries (SREP) was endorsed in full by CIF committee members.

The decision came during the week-long CIF committee meetings in Washington, D.C. from 30 April to 4 May. As implementing agency of the CIF, the African Development Bank (AfDB) was there to bring African interests to the table.  

The Bank expects to channel $23 million of total SREP financing to Ethiopia. 

“The plan will help unlock Ethiopia’s renewable energy potential and share some of the risks. Funds will be applied to technology transfer to reduce the cost of wind energy and to initial drilling and exploration activities of geothermal,” stated Gosaye Mengistie Abayneh, Director of Energy Study and Development in the Ethiopian Ministry of Energy.
Also during the meeting, Nigeria was allocated $85 million out of $250 million endorsed in its investment plan under the Clean Technology Fund (CTF). It aims to promote private and public sector-led renewable energy and energy efficiency projects investments. The AfDB expects to channel at least half of the CTF financing and contribute technical support and $200 million of its own co-financing to two projects specified in Nigeria’s plan including financial intermediation for clean energy and energy efficiency. 

Picture: View from the Sheraton Hotel in Addis Abababy Nani senay at en.wikipedia [Public domain], via Wikimedia Commons

Thursday 10th May 2012

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