European Investment Bank invests $30 million in off-grid solar systems across Africa

The European Investment Bank (EIB) earlier this week, announced its plans to invest $30 million in innovative off-grid solar systems in Africa.

“I am delighted that the EIB has signed this new financing with D.light in Africa for an off-grid solar project that will have a major economic and social impact on people and micro-entrepreneurs,” said EIB Vice-President, Ambroise Fayolle.

In order to provide power to rural communities in various countries in Africa, EIB will partner with D.light design inc, a multinational social enterprise that provides solar-powered solutions for households without reliable access to electricity, to design, manufacture and distribute solar kits consisting of panels, lamps and low-energy equipment like radios or television.

“The EU bank is determined to implement the Paris climate agreement and to cooperate to achieve the sustainable development goals, particularly when it comes to ensuring access to affordable, reliable and sustainable energy for all. With its unique technical and financial expertise in the support of solar projects, the EIB will mobilize new investments to develop renewable energies in Africa.” Fayolle noted.

The investment will see to the installation of 10 million off-grids solar kits within sub-Saharan Africa over the next five years, starting with Ethiopia, Kenya, Nigeria, Tanzania and Uganda. It is estimated that about 640 million Africans lack access to energy.

According to the most recent GOGLA report, an additional $2.5 billion investment will be needed over the next 5 years to increase energy access in emerging markets.