Sunday, August 25, 2019

Europe Invests in African Renewable Energy

June 9, 2019

Pic: DNV GL

The provider of testing and advisory services to the energy value chain including renewables and energy management, DNV GL has joined European signatories including ABB, EDP Renewables, Enel Green Power, Ge Renewable Energy, Pöyry, Prysmian, PwC, Siemens Gamesa and Vestas.

"DNV GL has signed a ‘declaration of intent’ to commit its interest and participation to the initiative renewAfrica, aimed at boosting renewable energy investments in Africa, alongside leading players in the African and European renewable energy market," said a statement.

The renewAfrica launch event was hosted by RES4Africa and reflects the need for a strong joint effort by public and private organizations and brings together sector-wide and multi-stakeholder leadership to lay the foundation for Africa’s sustainable energy transition.

The renewAfrica initiative will promote the inception of a new one-stop-shop, European facilitating instrument with its own institutional framework that provides adequate support at policy and regulatory level, ensures preparation tools across project lifecycles, as well as financial de-risking and capacity building measures. Through this initiative, renewable energy leaders will cooperate to shape enabling environments for renewable investment in Africa and enhance European private investment in support of the effective deployment of renewable market development in the continent.

Speaking about the need to boost renewable energy investment in Africa, Prajeev Rasiah, Executive Vice President, Northern Europe, Middle East and Africa, DNV GL - Energy, said: “DNV GL has a vision to be at the forefront of an affordable, greener and more reliable energy future for Africa. We’re proud to put our name to this initiative and confirm our commitment to working alongside our peers in Europe and Africa to make this vision a reality and continue our long-standing partnership with Africa which spans over 30 years.”

Africa has a tremendous opportunity to develop its vast renewable energy resources and ensure its resilient, prosperous and sustainable development. While significant progress has been made by multiple international and national renewable energy investment support programs, more efforts are needed to scale up investments to where they need to be.

Bringing renewable energy investments in Africa to a transformative scale requires a new type of support in terms of overcoming policy and regulatory, administrative and capacity, and access to finance challenges

 “The European renewable industry, academy, investors and think-tanks are in a position to offer leadership and industry field experience on what is needed to make it happen. In this way renewAfrica aims to be a game-changer for Africa’s sustainable energy future” says Antonio Cammisecra, President RES4Africa and CEO Enel Green Power.

The Declaration of Intent was signed by: ABB, Cassa Depositi e Prestiti, DNV GL, EDP Renewables, Enel Green Power, Ge Renewable Energy, Intesa Sanpaolo, Nordex, Nordic Energy Research, Norfund, Pöyry, Prysmian, PwC, REC Group, Siemens Gamesa, SMA, Solar Power Europe, Soltec, Total Eren, Vestas.

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