Tuesday, November 12, 2019
JOINT PRESS RELEASE
JOHANNESBURG — On November 12, Power Africa and Africa50 signed a memorandum of understanding for a new partnership focused on attracting power sector financing and developing innovative public private partnership models in sub-Saharan Africa. Africa50 will be the nineteenth development partner to join the Power Africa initiative. This new partnership between Power Africa and Africa50 provides a foundation for collaboration in the energy sector at the country and regional level throughout sub-Saharan Africa.
The MOU was signed at this year’s Africa Investment Forum in Johannesburg. Speaking at the signing ceremony, Koffi Klousseh, Africa50’s Project Development Director, stated, “energy generation and transmission are among the most pressing infrastructure needs in Africa, with important economic multiplier effects. To successfully develop energy sector projects requires collaboration among all stakeholders, so we are pleased to partner with the Power Africa initiative and look forward to working with its experienced member companies and organizations to implement power projects on the continent.” Power Africa was represented by Richard Nelson, Power Africa Deputy Coordinator, who commented, “this new partnership underscores Power Africa’s commitment to partnering with African institutions. We are looking forward to deepening our collaboration with Africa50 to finance new energy and transmission projects in sub-Saharan Africa.”
About Power Africa: Power Africa is a U.S. government-led partnership, coordinated by USAID, that brings together the collective resources of over 170 public and private sector partners to double access to electricity in sub-Saharan Africa. Power Africa’s goal is to add more than 30,000 megawatts (MW) of cleaner, more efficient electricity generation capacity and 60 million new home and business connections by 2030. As of July 2019, 56 of Power Africa’s 124 financially closed projects are producing 3,486 MW of new electricity that is transforming businesses, economies, and livelihoods. https://www.usaid.gov/powerafrica
Africa50 is an infrastructure investment platform that contributes to Africa’s growth by developing and investing in bankable projects, catalyzing public sector capital, and mobilizing private sector funding, with differentiated financial returns and impact. Africa50’s investor base is currently composed of 28 African countries, the African Development Bank, the Central Bank of West African States (BCEAO), and Bank Al-Maghrib, with over US$876 million in committed capital. For more information, visit: www.africa50.com (link is external).