EU BANK SIGNS US$25m SOLAR PROJECT FOR AFRICA

European Investment Bank (EIB–the EU bank) unveils US$25m Solar System Project For Africa

The European Investment Bank (EIB) have signed a financing agreement for the installation of solar systems in some African countries. The agreement is between EIB and d.light design inc.

d.light is a global leader in solar-powered solutions for people without access to reliable electricity.

The solar system will strengthen access to energy in Nigeria and four other African countries and will worth US$25 million.

According to the Vice-President of the bank, Ambroise Fayolle, the four other countries include  Ethiopia, Kenya, Tanzania and Uganda. He also said that the energy supply will be through solar kits that do not require grids. This will make it easy and inexpensive for users, as the kits will also come with a pre-payment system.

During materialization of the project, rural and suburban populations and micro-entrepreneurs will be receive more consideration.

The financing will enable d.light design inc. to develop the installation kit which will include not only panels and lamps, but also low-energy equipment (radios, TVs, etc.).

The goal is to reach 10 million solar installations within five years in sub-Saharan Africa. This project will have significant economic and social impression on people and micro-entrepreneurs.

The EU Bank is insistent on implementing the Paris climate agreement and to cooperate to achieve the sustainable development goals. The EIB particular interest is on ensuring access to affordable, reliable and sustainable energy for all.

In 2017, the EIB invested EUR 1bn into the development of global energy projects. Since 2002, the EIB have also allocated EUR 6.3bn to financing energy projects, especially in emerging and developing economies.