Featuring the participation of Africa Investment Advisor for Francophone West and Central Africa at development finance institution the U.S. International Development Finance Corporation Adou Toure and CEO of climate risk assessment firm Resolve36 Justin Dargin, the panel  titled Financing the Future: Strategies for Successful Renewable Energy Projects will delve deep into the diverse financial tools and strategies that can propel Africa’s renewable energy transition. With the potential to produce 1,956 GW of solar energy and 106 GW of wind energy, West Africa is taking is place as a regional hub for renewable energy development, with financial institutions and funding mechanisms poised to drive the sector to new levels of success and viability.

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The panel session will explore how innovative financing and funding mechanisms can be deployed to attract large-scale investments in the MSGBC region’s renewable energy projects. The session will also examine the role development partners and financial institutions play in mobilizing and managing funds for renewable energy projects. With renewable energy reaching new levels of competitiveness, the panel will delve into how financial instruments enhance the bankability and financial viability of renewable projects.

In collaboration between The Economic Community of West African States’ (ECOWAS)  and international finance institution the World Bank, rural areas of Guinea-Bissau are poised to receive electricity through off-grid solar technologies through a project called the Regional Off-Grid Electricity Access Project. As part of the project, the World Bank will support the development of the country’s first solar power plants with a $35 million grant while enhancing transmission grid infrastructure in the country.

Meanwhile, last May, Guinea-Conakry initiated discussions with undisclosed private partners for the development of 500 MW of solar energy in the country. The medium-term goal is to achieve at least 1 GW of additional mixed energy capacity. In The Gambia, the country’s President Adama Barrow commissioned a 23 MW solar plant in Jambur in March to reduce the country’s reliance on imported fossil fuels for electricity generation.

International finance institution the Islamic Corporation for the Insurance of Investment and Export Credits signed an agreement with international bank Standard Chartered in December last year to mobilize funding for the development of an $111 million off-grid solar street light project in Senegal. Through the sustainable development finance package, Senegal’s Ministry of Finance will facilitate the procurement and installation of 50,000 solar streetlights across various rural communities in the country.

With aims to produce 12.5 million tons of green hydrogen by 2035, notable projects in Mauritania include the AMAN and Nour projects, led by renewable energy developer CWP and transitional energy group Chariot Energy, respectively. Last December, Emirati renewable energy firm AMEA Power signed two memoranda of understanding for the development of a 100 MW wind farm and 100 MW solar photovoltaic plant in Mauritania. The goal of these projects is to pave the way for the establishment of a 1 GW green hydrogen project in-country.