The announcement was made lately by UK’s Minister for Africa, Harriett Baldwin.
According to Ms. Harriett Baldwin, the new funding will see £30 million added to the Transforming Energy Access program, taking total UK investment to £100 million, and allowing it to continue until 2024.
The Transforming Energy Access program is leading development of innovative technologies, business models, partnerships and skills that will accelerate access to affordable, clean energy services for households and enterprises in developing countries.
Transforming Energy Access is using the UK’s expertise in technology and finance to provide power for people across Africa and tackle one of the world’s biggest challenges, climate change, Baldwin said.
The new funding is in partnership with the African Development Bank’s Sustainable Energy Fund for Africa and the World Bank’s Energy Sector Management Assistance Program.
It will help fund technologies such as mini-grids, and solar and bioenergy initiatives in African countries.
Since 2011, UK climate finance has helped provide 17 million people with improved access to clean energy.
Electricity demand in Africa is projected to triple by 2030, offering huge potential for renewable energy deployment. The power sector requires investments of $70 billion per year on average between now and 2030.