AfDB signs deal to scale up solar energy development

Lloyd Doyle
March 14, 2018

The $1.4 billion line of credit will cover 27 projects in 15 countries and boost the much-required financial power to the solar sector.

New York Governor Andrew Cuomo recently announced $1.4 billion in funding for 26 large-scale renewable energy projects across the state, the single largest commitment to renewable energy by a state in USA history.

The agreement, according to the statement, was sealed on the margins of the just ended conference of the ISA held in New Delhi, India and co-chaired by Indian Prime Minister Narendra Modi and French President Emmanuel Macron of France. "I am happy to announce that to fill the gap of solar technology, India will start a solar technology mission with global focus, which will cover all government technical and educational institutions", Prime Minister Narendra Modi said, announcing the unprecedented investment. "Achieving 50% of New York's electricity from renewable sources by 2030 is a cornerstone of Governor Cuomo's nation-leading agenda to fight climate change, and I look forward to watching these projects create jobs, expand our clean energy economy and provide New Yorkers with clean, reliable power for decades".

Prime Minister Modi said there is the need to ensure that better and affordable solar technology is available and accessible to everyone. Mr. Macron, while pointing to the withdrawal of the US from the Paris Agreement on climate change, praised those who stayed the course to support the solar power on a global scale.

"We know the hurdles".


The joint declaration recognizes the Bank's New Deal on Energy for Africa, its energy policy and its leadership in working with governments, the private sector, and bilateral and multilateral energy sector initiatives to develop a Transformative Partnership on Energy for Africa.

Both parties agreed to cooperate on knowledge sharing and developing technology roadmaps for the promotion of solar energy, develop financing instruments to support solar energy deployment, and conduct studies and consultations to explore mobilization of concessional financing through trust funds or special funds administered by ADB.

New York State Governor Andrew Cuomo announced approval last week for 26 large-scale renewable energy projects, including 22 solar projects worth 647 megawatts (MW) and 733.58 MW worth of wind energy.

Thirty-two of the 60-member countries who have joined the alliance are from Africa.

Other reports by Iphone Fresh

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