As the clamour for the use of renewable energy goes on, some central and west African nations which include; Liberia, Togo, and Sierra Leone are set to spend a whopping $ 311 USD on renewable energy projects.
The fund is coming from the World Bank which has signed an agreement with the African nations.
The funds will finance around 106 megawatts (MW) of solar power generation capacity with battery energy and storage systems, and a 41 MW expansion of hydroelectric capacity.
Sierra Leone President Julius Maada Bio, who presided over the signing ceremony recently, said the deal was the beginning of a revolution in energy supply and access in the respective countries.
West Africa and Central Africa have one of the lowest electrification rates coupled with some of the highest electricity costs in Sub-Saharan Africa. Energy costs have increased further because of the impacts of Russia’s February 2022 invasion of Ukraine as fuel prices rise.
“We are paying far more for energy now than we were 18 months ago. Very high and rising energy prices continue to have an adverse impact on other sectors of our economies,” Maada Bio said.
The West Africa Power Pool, a regional approach to improve electricity in the sub-region, will also receive some funds that were approved in December under a new World Bank Regional Emergency Solar Power Intervention Project.
Boutheina Guermazi, World Bank Director for Regional Integration said the project was the first time four countries had been brought together for a regional energy approach.
“It is a continental approach to make sure that we reach universal access to clean affordable energy by 2030,” Guermazi said, adding that the project would be completed in four years.
Liberia, Togo, Sierra Leone to spend $ 311 USD on renewable energy
