On 4 March 2017 in Conakry, Guinea, Commissioner for International Cooperation and Development, Neven Mimica, announced the preparation of 19 new renewable energy projects, with a whole prospective investment of US $ 5.09 billion.
This was done during the second Board of Directors meeting of the Africa Renewable Energy Initiative. These sustainable energy ventures have an indicative EU contribution of US $318 million, which is estimated to pull total investments totaling to US $ 5.09 billion, adding 1.8 Gigawatts of new renewable energy generation in Africa.
The European Union is a chief counterpart for Africa on sustainable energy cooperation.
Commissioner Mimica said: “With these 19 new projects, likely worth US $ 5.09 billion of investments, the European Union is delivering on its pledges. We are turning our promises into actual projects with real impact on the ground.
The EU hereby reaffirms its top role in supporting the African continent in the support of renewable energies for the enhancement of energy access for African people.”
This will add to the European Commission’s plan for 2020: to provide 30 million more people access to sustainable energy, to save 11 million tons of carbon dioxide yearly, and to assist generate 5 Gigawatts of new renewable energy in Africa.
This represents half of the Africa Renewable Energy Initiative’s general target, as one of AREI’s key aims is to produce 10 Gig watt of new renewable energy in Africa by 2020, and to release Africa’s potential to produce as much as 300 Gig watts from renewable energy by 2030.
The EU’s development subsidy towards sustainable energy in Sub-Saharan Africa for the phase 2014-2020 totals to roughly €2.7 billion.
The European Commission, the EU Member States and the EU Financial Institutions have vowed to support AREI through present financial tools and means.
This consist of the Africa Investment Facility (AfIF), the Electrification Financing Initiative (ElectriFI) and the innovative opportunities that will be made accessible under the future External Investment Plan, to pull the sustainable energy investments that will release Africa’s potential and advance the lives of millions.
