Trade bodies from the solar and wind industries have united to drive renewable energy financing for African countries.
SolarPower Europe and the Global Wind Energy Council (GWEC) have signed an agreement with news outlet RenewAfrica and the Africa Solar Industry Association (AFSIA) to jointly organise the Africa Renewables Investment Summit (ARIS) in South Africa in September.
ARIS’ role will be to catalyse renewable energy investment for Africa by bringing major stakeholders in the industry to explore the continent’s green power potential.
Despite the continent’s potential for renewable energy, with solar PV leading the way of capacity installs by 2030, Africa has only received 2% of the US$2 trillion that was invested in renewables since the beginning of the century up until 2020.
Given the major disconnect between solar developers and financiers for projects in Africa, ARIS will work as an “ideal matchmaking platform” between the stakeholders of renewable projects, said John van Zuylen, CEO at the AFSIA.
The event will be held less than two months before Egypt is set to host COP27 which will bring the world’s attention on climate change and renewable industry with an opportunity for Africa to increase investments in renewable energy.
Moreover, the summit will also explore opportunities the green hydrogen industry could make in the continent as the technology has been viewed as a high potential for economic opportunities for various countries.
Scatec’s green ammonia project in Egypt and Namibia’s push in bringing green hydrogen investments have been some of the key projects announced for green hydrogen in the continent earlier this year.
Walburga Hemetsberger, CEO of SolarPower Europe, said: “Africa is a true ‘sun continent’. As African economies grow, they present enormous potential for solar investment and deployment. ARIS is set to support next-level solar, and clean, green, secure energy for millions of African citizens.”