Reports from the African Development Bank (AfDB) states that over 640 million Africans have no access to energy, corresponding to an electricity access rate for African countries at just over 40 percent, the lowest in the world. Per capita consumption of energy in sub-Saharan Africa (excluding South Africa) is 180 KWh, compared to 13,000 KWh per capita in the United States and 6,500 KWh in Europe.Africa’s energy potential, especially renewable energy, is enormous, yet only a fraction of it is being currently employed. Hydropower provides around a fifth of current capacity but not even a tenth of its total potential is being utilized.
Similarly, the technical potential of solar, biomass, wind and geothermal energy is significant. While renewable energy will be prioritized by the Bank, fossil fuels will remain an important part of the overall energy mix, as is the case with several developed economies, with the Bank financing state of the art technology to minimize emissions.
During the just concluded 2017 African Development Bank (AfDB) annual meeting in India, FIN had a very fruitful deliberation with the Prime Minister of India Narendra Modi who is committing about $10 billion to fund projects in Africa.
FIN equally has an understanding with the International Solar Alliance (ISA) established after the Paris Conference on Climate Change on Solar Technology, for solar energy intervention with a cost effective technology.
FIN has positioned to tap into the H5 programme of the African Development Bank (AfDB)