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Mr Amadou Hott, Vice President for Power, Energy, Climate Change and Green Growth of the African Development Bank has said the Bank is radically increasing its investment portfolios in green and cleaner energy sources as engine to unlock Africa’s economic growth.

He said the Bank clocked a 100 percent in renewable energy power generation last year, having come from a figure of 74 percent in generation mix in 2016.

“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.”

Mr Hott made these revelations at a media brief at the headquarters of the Bank in Abidjan, as part of programmes to usher in its annual meeting slated for Busan, South Korea later in the month.
He said the Bank financed 1,400 megawatts of power and 100 per cent of them were on renewable energy, solar and hydro power.

“Going forward, we want to increase a lot of shares in our renewable energy portfolio. Energy is crucial in guaranteeing quality of services, reduce cost of doing business and unlock economic potential”
The Vice President for Power said the Bank was taking a three-pronged approach to increase electricity generation capacity, namely, on-grid, off-grid and through mini-grids by launching a “New Deal on Energy for Africa” with the view of achieving universal access to electricity by 2025.

Mr Hott disclosed that in Ghana, the Bank was doing several projects on financing, providing technical advice and have initiated action to scale up mini grids through the Climate Investment Funds (CIF) Scaling Up Renewable Energy Programme (SREP), Ghana Investment Plan “Renewable Mini and Stand-Alone Systems projects.

This, he said consisted of financing market studies for the construction of 55 renewable energy-based mini grids and 35,250 stand-alone photovoltaic (PV) electrifications systems installed in 500 rural communities.

Mr Hott said though Ghana was one of the nations with highest electrification rates in Sub Saharan Africa, roughly two million people were still living in rural and or isolated areas, where the grid was unlikely to reach within the next 10 years.

About 59 percent of Ghana’s rural areas population, who did not have access to electricity included the number of communities living on the over-banks of the Volta Lake and isolated lakeside locations.

The Bank anticipates improving energy efficiency and conservation along the energy value chain to reduce losses arising from production, transmission, distribution and end-use inefficiencies.

The Bank is financing the installation of 880 MW per year from 2016-2025 in Africa translating into installing 8,800 MW by the targeted date.

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