Africa50 signs MoU with International Solar Alliance in a Lome meeting
Africa50, an infrastructure investment platform that contributes to Africa’s growth by developing and investing in bankable projects, signed Monday in the Togolese capital of Lome, a Memorandum of Understanding (MoU) with the International Solar Alliance (ISA) to support and finance solar projects in Africa.
The deal, Africa50 notes, advances the organizations’ mutual goal of increasing the deployment of solar, to improve energy access, ensure energy security, and drive the energy transition around the world.
The MoU was signed at Africa50’s Infra for Africa Forum and General Shareholders Meeting in Lomé, Togo. The Forum ended on Tuesday. “Clean energy and a sustainable transition are core pillars of Africa50’s investment strategy. ISA and its network represent a wealth of knowledge and connectivity in the solar space that the African continent can benefit from. We are excited to work with ISA to identify, fund, and develop bankable solar projects in Africa which will support the continent’s transition to Net-zero”, Africa50 Chief Executive Officer, Alain Ebobissé, said following the signing.
For Ajay Mathur, Director General of International Solar Alliance, the two signatories embody the potential to empower millions of individuals, ushering in a new era of sustainable prosperity.
Also as part of the agreement, the two sides will also engage in mutual capacity building and seek to leverage each other’s networks to mobilize funding and raise awareness of African solar projects in European and Indian markets.
Africa50 has made recent investments in the solar energy sector. The infrastructure investment platform has injected funds in Egypt for 400MW Benban Solar Plants, the largest so far on the continent. The project, Africa50 claims, is currently supplying clean power to over 1.5 million people in the country.