The African Development Bank (AfDB) says all the investments in electricity in 2017 were in renewable energy.
Amadou Hott, Vice President, Power, Energy, Climate and Growth Complex, who revealed this in an interview with NAN, also noted that 74% of the bank’s investment in the sector in 2016 went into renewable energy.
“The bank is doing a lot; if you look at our electricity generation over the past five years, our share of renewable energy has increased," he said. "Before 2016 we were at 74 per cent of our generation mix of renewable energy. Last year, 100 per cent of our power generation was on renewable energy. AfDB’s preference so far has been for solar and hydro electric projects.”
Hott further disclosed that the bank would be involved in five to six of the 14 1,200 mw solar projects the Nigerian government signed up to with investors in July 2016.
He revealed that AfDB would also be investing in 500 mw of gas powered projects. Hott also stated that partial risk guarantees (PRG) had been secured to ensure the execution of these projects.
“We are hoping to get on board on that by next year, and also the 14 solar power mix being prepared in Nigeria with sovereign investors. So. when the budgets are ready, the guarantees will be utilized to minimize risk so that investors can be attracted to these kinds of projects.”
Recently, AfDB said it would help source funding for three coal fired power stations in Nigeria, Kenya and South Africa, which the International Monetary Fund (IMF) and the World Bank are opposed to.