Page 7 - AfrElec Week 23 2022

AfrElec INVESTMENT AfrElec

AfDB seeks increased Chinese

investment in Africa

AFRICA THE African Development Bank (AfDB) is the reason that they are interested in “deepening
looking to increase support from China for conversation with Chinese counterparts on sup-
investment in renewable energy projects in port for these projects.”
Africa, China’s People Daily reports citing an Schroth said further that Africa has enor-
interview with Xinhua news. mous renewable energy potential, including
Daniel Schroth, AfDB Director of the Renew- hydro and solar throughout the continent,
able Energy and Energy Efficiency Department, and geothermal energy along the East African
is quoted as telling Xinhua it is important for the Rift Valley, as well as wind both offshore and
bank to strengthen its partnership with Asian onshore in several locations which provide great
countries, including China, due to the great opportunities for cooperation with stakeholders
expertise and know-how in renewable energy including China.
generated through South-South cooperation. The AfDB seeks to provide access to elec-
“One has to recognise that China has seen a tricity to 250mn Africans by 2030 through its
larger expansion in the magnitude of renewable desert-to-power project, Schroth noted. In May,
energy generation capacity in the last couple the African lender signed a mandate with the
of years. It is a remarkable achievement and is government of Mozambique for a 1,500 MV
something that Africa can learn from,” he stated. hydropower project.
“There is certainly the potential to scale Schroth said that the investments in inter-
up that cooperation and focus specifically on connectivity and integration is to create a more
renewable energy projects, which are critical robust infrastructure that would allow a sharing
from an integration perspective,” he said, refer- of renewables in the collective larger grid.
ring to China having cooperated with the AfDB “The sun might not be shining in one part
to capitalise the Africa Growing Together Fund but not in other parts. The wind might be blow-
for projects in energy and infrastructure. ing in one part but not in the other parts, if you
Schroth further revealed that the develop- integrate them into one system, you can balance
ment bank has been increasing investment for the power use. And so the AfDB puts a strong
renewable energy projects to harness some of its emphasis on critical regional interconnection
potential. projects,” he is quoted as saying.
“Since 2016, more than 86% of our invest- Such projects present opportunities for coop-
ments in power generation have been in renew- eration with China and its private sector compa-
able energy projects because we see that as the nies to enter the African energy market, Schroth
enormous opportunity for Africa to leapfrog said.™
some of the existing technologies for the conti-
nent’s development,” he revealed, adding that it is

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