28 September 2016, Sweetcrude, Abuja – Three years after the launch of Power Africa by President Barack Obama to bring about increased access to electricity in the continent, the United States is on track to fulfill its initial $7 billion commitment, according to Power Africa partners.
The US had pledged $7 billion initial commitment over five years as part of its contribution to drive the initiative. Experts said the US government has now nearly released the entire amount to the project.
At the recent US-Africa Business Forum, the US government and its Power Africa partners announced several new milestones across dozens of energy projects and transactions.
These commitments – totalling more than $1 billion worth of debt and finance – will advance deals that aim to provide access to electricity across sub-Saharan Africa.
Power Africa partners, including African governments, multilateral and bilateral partners, and more than 130 private sector partners are helping to maximise our impact and accelerate private sector investment in renewable energy.
The US government’s initial $7 billion commitment has mobilised more than $52 billion in additional external commitments, including more than $40 billion in private sector commitments to invest in power generation and distribution across sub-Saharan Africa.
The US African Development Foundation, USADF, announced 20 new $100,000 grants for African energy entrepreneurs in the newest round of the Off-Grid Energy Challenge. These winners are innovating, using renewable technologies from solar micro-grids to biogas, to bring electricity to rural communities living far from the national grid.