Norway adds £26m to Africa pot
Investment in UK-backed vehicle Green Africa Power now at £121m
Norway has awarded UK-backed investment vehicle Green Africa Power Nkr300m (£26m) in funding.
Combined with existing funding from the UK Department for International Development and DECC, the cash from the nation’s Ministry of Foreign Affairs takes total funding committed to GAP to £121m.
GAP is an initiative of the Private Infrastructure Development Group Trust and aims to provide long-term subordinated loans and contingent lines of credit to privately-owned renewable power generation projects in Africa.
The initiative, which expects to start deploying funds to projects in the first quarter of 2015, is advised by London-based Eiser Infrastructure Partners.
Eiser partner Vivian Nicoli said: “Renewable energy investment can make a substantial difference to the economic development of Africa, so it is fantastic news that the Norwegian government has decided to back GAP’s cause.”
Norwegian Minister of Foreign Affairs Borge Brende added: “More than 700 million people in Africa lack electricity and the continent is in urgent need of investment in renewable energy.”
Image: Norwegian parliament in Oslo (Wikimedia Commons)