Financing Renewable Energy in Africa: All You Need to Know

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Africa is a developing continent with numerous natural resources. Even with this, there is a great emphasis to use renewable resources more than the non-renewable ones. That is why all African countries are focused on implementing sustainable development goals just like the rest of the world. As much as African countries are at different levels of implementing sustainable development goals, all are moving in one direction.

The use of renewable energy is a topic of discussion by countries all over the world. Africa has a big advantage of implementing the use of renewable energy when the nonrenewable sources are still untapped. But such projects are expensive and requires a lot of controls. This is where reliable control and Commissioning Software for the Energy Industry come in handy. So, how should African countries go about financing such massive projects?

Investing in Renewable Energy in Africa

If you look at African through a microscopic eye, you will realize that every government is making some efforts to invest in renewable energy. Solar energy is the main idea of renewable energy, followed by wind, hydro and geothermal generated energy. However, hydropower is the main source of energy but not the best dues to numerous resources required. Upon a successful implementation, hydro is the most reliable when it comes to electricity provision to homes and commercial premises.

Solar energy is considered as the cleanest and reliable energy although it comes with numerous challenges. People living in rural areas have greatly benefited from different projects to get a clean source of light away from kerosene and other non-renewable resources.

Financing Renewable Energy

African countries are continuously lobbying for the source of funds to implement renewable energy in its countries. Both the Western and Eastern developed countries have various donation channels they use to fund these projects in Africa. World Bank has been on the lead to facilitate the funds for countries that show interest in going this direction. Their main aim is to see that all homes can:

  • Get the clean source of light from solar, hydropower or wind energy.
  • Heating from solar is fast implemented in various parts.
  • There is a better way to store the energy for future use.

Foreign investors are encouraged to inject some of their money into these projects so that the people of Africa can benefit in the long run. They can buy a share in the organizations that facilitate the harvesting and distribution of renewable energy in Africa. Additionally, private investors can also start the business of making affordable equipment and devices used in renewable energy.

Donation of either equipment, human resources or finance to facilitate the use of renewable energy can also help. The government from the developed world can also assist in setting up renewable energy centers in different parts of the African countries. It is through donations that the less fortunate can get affordable power to light homes and heat water.

Conclusion

The most important part of any project is financing. If the money is not available, then no plans will succeed. That is why African countries need to seriously source for funds to ensure that this is possible.

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