The World Bank has made a $311 million loan arrangement for renewable energy projects with four countries in West and Central Africa.
With the use of battery energy and storage technologies, about 106 megawatts (MW) of solar power generation capacity and a 41 MW increase in hydroelectric capacity will be financed.
The nations are Chad, Togo, Liberia, and Sierra Leone. Interventions in the distribution and transmission of power will be supported by money.
President Julius Maada Bio of Sierra Leone, who oversaw the signing ceremony on Wednesday, declared that the agreement marked the start of a revolution in the countries’ access to and supply of energy.
One of the lowest rates of electrification and some of the most expensive energy prices in Sub-Saharan Africa are found in West and Central Africa. As fuel prices rise, so have energy expenditures due to the effects of Russia’s invasion of Ukraine in February 2022.
“Compared to 18 months ago, we are now spending significantly more on energy. Energy costs that are pretty high and are rising continue to have a negative influence on other areas of our economies, “said Maada Bio.
A portion of the funding authorized in December under a new World Bank Regional Emergency Solar Power Intervention Project will also go to the West Africa Power Pool, a regional strategy to boost electricity in the subregion.
The project marked the first time four nations had been brought together for a regional energy strategy, according to Boutheina Guermazi, Director for Regional Integration at the World Bank.
According to Guermazi, the project will be finished in four years, and “it is a continental approach to ensure that we obtain universal access to clean inexpensive energy by 2030.”
