Sustainable Energy Fund for Africa
The Sustainable Energy Fund for Africa has secured a fresh injection of $.64 million in grant funding from the Norwegian Agency for Development Cooperation (NORAD) and the Global Energy Alliance for People and Planet (GEAPP).
SEFA, a multi-donor special fund managed by the African Development Bank, provides concessional finance to unlock private sector investments in renewable energy and energy efficiency. The new contributions to SEFA are a recognition of the critical role played by SEFA in catalyzing private sector investments in Africa’s sustainable energy sector and they will allow SEFA to further scale-up its investments over the coming years.
The announcement came during a panel discussion as part of the Climate Summit (COP27) held in Sharm El-Sheikh from 6th -18th November. The panel discussion, titled Renewable energy for climate action, socio-economic transformation in Africa: the role of SEFA, featured GEAPP’s Director of Country Programmes. Public finance channeled through results-based financing has an important role to play in help to de-risk and scale expansion of off grid electricity solutions and modern clean cooking solutions. The Nordic Green Bank manages two multi-donor instruments in nine African countries through the Beyond the Grid Fund for Africa and the Modern Cooking Facility for Africa, respectively.
