The renewAfrica Initiative was presented to Frans Timmermans, the European Commission’s Executive Vice-President for the European Green Deal. By the end of the meeting, which saw the participation of CEOs and high-level representatives of 18 of the most important international companies and organisations active in the renewable energy sector, EVP Timmermans appreciated that the Initiative is in line with the green ambitions of the European Commission and welcomed the work of renewAfrica so far as a positive contribution to the EU’s Comprehensive Strategy with Africa.
The renewAfrica Initiative has been structured to implement PPPs, so to create a level playing field for European industry and investors. In this regard, the Initiative will contribute to add value to existing European financial instruments, so to mobilise the scale of public and private capital necessary to the creation of a pipeline of sustainable and bankable renewable energy projects in Africa. renewAfrica stems from the need of an EU-led programme that should offer end-to-end support along the entire project cycle, assist with high-level policy dialogue, provide technical assistance to national governments, and offer financial de-risking and capacity building measures. For the programme to be fully effective, it should avoid limitations in terms of the supported technology, geographical area and size of the project, thus mobilising private capital and unlocking bankable renewable energy projects across Africa. renewAfrica’s task forces have elaborated a proposal, identifying possible pilot countries, outlining a set of technical assistance services, and elaborating a financial package to cover the major investments risks. The Initiative has now reached the point where it can contribute to the EU green diplomacy objectives in Africa.
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