UAE Commits Over $2.6 Billion to Africa Green Investment Initiative

To bolster green energy efforts across the African continent, the United Arab Emirates (UAE), set to host COP28, has earmarked more than 58% of the previously announced $4.5 billion Africa Green Investment Initiative.

This allocation was disclosed during the African Climate Summit held in Nairobi this September.

A press statement from the COP28 Presidency revealed that the UAE-led finance initiative will channel approximately $2.6 billion into green energy projects spanning eight African countries.

These projects are anticipated to contribute a substantial 1.8 gigawatts (GW) of clean power to the African grid.

The Africa Green Investment Initiative is a collaborative effort involving public, private, and development capital, with key contributors including the Abu Dhabi Fund for Development (ADFD), Etihad Credit Insurance (ECI), Masdar, and AMEA Power.

Africa50, serving as a strategic partner, will play a crucial role in identifying projects and establishing connections with local implementing entities.

Notable projects highlighted in the official press statement include Masdar's ambitious 150MW solar power plant in southern Angola and AMEA Power's groundbreaking 300MW onshore wind power project in Ethiopia.

The latter marks Ethiopia's inaugural Independent Power Producer (IPP) project.

Additionally, AMEA Power plans to expand its existing Sheikh Mohamed Bin Zayed solar PV project in Togo, increasing capacity from 70MW to 100MW, complemented by 4MWh of battery storage.

Furthermore, a colossal 1GW green hydrogen project is on the horizon in Mauritania.

Mozambique is also set to benefit from the Africa Green Investment Initiative, with three clean energy projects collectively generating 260MW of power.

Among these projects is Africa50's pioneering utility-scale floating solar installation, a first of its kind in Africa.

Additionally, the initiative aims to facilitate the construction of 400km of high-voltage transmission lines in Mozambique, further enhancing the region's energy infrastructure.

Anoop Menon / Zawya