A collaborative partnership between pan-African infrastructure investor and asset management group- Africa50 and the International Renewable Energy Agency (IRENA) has seen the former pledge $100 million to fund and co-finance renewables-based energy transition projects and infrastructure across Africa.

Under the agreement signed on last week on the margins of the Organisation of Petroleum Exporting Countries (OPEC) Fund Development Forum in Vienna, Austria, the renewables-based energy transition projects will be done through IRENA’s Energy Transition Accelerator Financing (ETAF) platform.

The ETAF platform was established in 2021 with support from the United Arab Emirates. Its aim was to scale up renewable energy projects that contribute to Nationally Determined Contributions (NDCs) in developing countries, while also bringing benefits to communities through enhanced energy access and security, and promoting economic growth and diversification.

The IRENA- Africa50 partnership reinforced efforts towards sustainable development and climate action across the continent. “For the first time in a decade, the most recent data show that the number of people without access to electricity has increased significantly,” IRENA Director-General, Mr. Francesco La Camera, said.

La Camera further stated that with Sub-Saharan Africa representing the majority of those impacted, “We must be diligent and committed to urgently addressing this growing issue. Renewables represent the most effective, climate-safe solution available, and this partnership with Africa50 will be pivotal in strengthening the ETAF Platform’s impact across Africa.”

For Africa50 CEO Mr. Alain Ebobissé, the continent must focus on the dual goals of reducing emissions and accelerating economic development. “Investing in and developing transformational renewable infrastructure is a critical step to achieving net-zero.

“The IRENA ETAF platform will be an important launchpad to scaling and accelerating our investments into renewable projects that will ultimately reduce the negative impact of climate change on our people and help build a more sustainable future,” he said.

With Africa50 now on board, the ETAF Platform has grown to include 14 partners, pledging a total of $4.15 billion, highlighting its role as one of the most inclusive financing platforms for a renewables-based energy transition.

The partnership leverages IRENA’s global membership to attract project proposals through the ETAF Platform and Africa50’s expertise in project development and equity financing.