By Times Reporter
The African Development Bank’s Board of Governors has approved the conversion of the Bank-administered multi-donor trust fund Sustainable Energy Fund for Africa into a “special fund”.
This is with an aim to amplify its development impact by allowing it to access a wider range of financial instruments beyond the current scope of technical assistance.
Currently, SEFA, the Sustainable Energy Fund for Africa, supports small and medium-scale renewable energy and energy-efficiency projects through early-stage interventions that enhance project bankability and access to private sector investments.
Under the new dispensation, the fund will focus its interventions on three areas, green mini-grids to accelerate energy access to underserved populations, green baseload to support clean generation capacity and energy efficiency to optimize energy systems and reduce energy intensity.
This support will be provided through technical assistance and concessional investments that will improve the bankability of projects across innovative technologies and challenging geographies and crowd-in more commercial investments into the sector….