In June 2019, OeEB invested USD 20 million in renewable energy projects, with a regional focus on Sub-Saharan Africa. The aim is to create access to sustainable and clean energy and thus contribute to climate change mitigation.
|Project name||Facility for Energy Inclusion (FEI)|
|Sector||Energy / Resource efficiency / Infrastructure|
|OeEB project volume||USD 20 Million|
|Total investment volume||Around USD 400 Million|
|Project partner(s)||FEI - ONGRID LP|
The mitigation of climate change is one of the biggest challenges in the world, as the change in the global climate and the occurrence of increased weather extremes affect millions of people. In addition to saving CO2 and fossil fuels, the continued rapid population growth and rising needs require massive investments in the expansion of electricity supply.
Africa is the region with the greatest demand in the world. For the year 2030, it is estimated that from around 650 million people worldwide that do not have access to electricity, 89% will live in Sub-Saharan Africa. At the same time, Africa has great potential for renewable energy to increase the rate of electrification and reduce the consumption of fossil fuels.
By providing a long-term credit line to the Facility for Energy Inclusion (FEI), the OeEB contributes to the financing of renewable energy projects in Africa. The objective of the investment fund is to provide access to sustainable energy and the resulting improvement of the environmental situation through the reduction of greenhouse gas emissions. The focus is not only on small and medium-sized power plants connected to the electricity grid, but also on off-grid solutions and decentralised energy production such as roof solar plants for the production of electricity for the own consumption of companies.