Downtown Africa
The African Energy Guarantee Facility (AEGF) has launched a virtual roadshow of free webinars allowing a deeper understanding of risk issues for renewable energy projects on the continent, and conversations around risk mitigation solutions. The first webinar will took place on Thursday, 23 September from 14:30-16:00 hrs. EAT.
The session was on how to get more energy projects from the drawing board to the grid. While the energy demand in African economies is expected to nearly double by 2040, and although the potential for renewable energy is 1,000 times larger than the demand, only 2GW out of almost 180GW of this new renewable power were added on the African continent.
Clearly not good enough! To improve the situation within the next two decades, Africa needs to implement new solutions urgently. De-risking and promoting private sector investments will play a crucial part of it.
AEGF’s partners for the roadshow are the European Investment Bank (EIB), KfW Development Bank, Munich Re and the African Trade Insurance Agency (ATI). The partners shared their experience and provided valuable insights on how they were able to come together and design practical solutions for investors and financiers of green energy projects in Africa aligned with SDG7 objectives.
Across Africa, the complexity of renewable energy projects and their long tenors hold back crucial energy investment. Tailored to the specific needs and risk profiles of sustainable energy projects, AEGF will tackle the investment challenge by providing underwriting expertise and capacity tailored to market needs.
The AEGF will significantly boost private investment in sustainable energy projects, both expanding access to clean energy and contribute to achieving UN Sustainable Development Goals. The scheme supports new private sector investment in eligible renewable energy, energy efficiency and energy access projects in sub-Saharan Africa.
African Energy Guarantee Facility (AEGF) was founded in 2017 by leading German reinsurer Munich REe, the African Trade Insurance Agency (ATI) and the European Investment Bank (EIB) to support long-term energy projects in sub-Saharan Africa. In January 2020, KfW, the German Development Bank, signed a European Fund for Sustainable Development (EFSD) guarantee agreement that makes KfW a co-guarantor of AEGF. The African Energy Guarantee Facility supports long-term energy projects in sub-Saharan Africa.
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