Funding for Africa clean energy financing surges despite fewer project approvals
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Africa’s flagship clean energy fund says it plans to more than double its financing to $2.5 billion over the next two years, as momentum builds behind the continent’s energy transition
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Funding for Africa clean energy financing surges despite fewer project approvals Africa’s flagship clean energy fund says it plans to more than double its financing to $2.5 billion over the next two years, as momentum builds behind the continent’s energy transition By ALLAN OLINGO Associated Press March 4, 2026, 5:42 AM NAIROBI, Kenya -- Africa’s flagship clean energy fund plans to more than double its financing to $2.5 billion over the next two years, as momentum builds behind the continent’s energy transition. Contributions to the African Development Bank’s Sustainable Energy Fund for Africa rose last year, signaling renewed investor confidence in African renewables. Since its launch, the fund has mobilized about $1 billion in commercial capital alongside its own commitments. “Based on our projects pipeline, we projected capital mobilization to climb to $2.5 billion,” said Joao Duarte Cunha, manager of the bank’s Renewable Energy Funds Division and the Sustainable Energy Fund for Africa. “By 2030, we expect our portfolio to yield over $10 billion in commercial capital mobilized,” he said. The contributions to SEFA rose to $88 million in 2025, mostly from European Union member countries. That was up from $54.3 million the year before, the regional lender said during its recent governing council meeting. “SEFA is proving its catalytic value on the ground, with accelerated approvals and disbursements and growing impact,” said Kevin Kariuki, vice president for Power, Energy, Climate and Green Growth at the African Development Bank Group. The bank approved 13 renewable energy projects last year worth $97 million, compared with 14 projects valued at $108 million a year earlier. “The last two years have been among our strongest, with 27 projects approved — also broadly comparable in funding volumes and significantly higher than earlier years,” said Cunha. “Demand for catalytic financing and upstream support continues to grow, and we remain deeply committed to driving the...
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