With
financial backing from the US government, solar developer Gigawatt Global
Cooperatief signed a deal with the 15-nation Economic Community of West African
States (Ecowas), to build $1bn worth of renewable energy projects in the
region.
financial backing from the US government, solar developer Gigawatt Global
Cooperatief signed a deal with the 15-nation Economic Community of West African
States (Ecowas), to build $1bn worth of renewable energy projects in the
region.
The US is
supporting the project through its Power Africa initiative set up in 2013 under
President Barack Obama’s administration; a programme that had pledged to invest
$7bn over five years. The advancement of this deal is an indication that the US
Agency for International Development has retained its ability to act even
though US President Donald Trump has slashed aid budgets and criticised US
involvement in poverty alleviation.
supporting the project through its Power Africa initiative set up in 2013 under
President Barack Obama’s administration; a programme that had pledged to invest
$7bn over five years. The advancement of this deal is an indication that the US
Agency for International Development has retained its ability to act even
though US President Donald Trump has slashed aid budgets and criticised US
involvement in poverty alleviation.
The deal
will help build the West Africa Power Pool, which is a unit of Ecowas. It was
set up to implement this agreement and create a regional electricity system.
The deal builds on an agreement inked by the US and Israel last year where the
two governments pledged to work together to reduce energy poverty in Africa.
will help build the West Africa Power Pool, which is a unit of Ecowas. It was
set up to implement this agreement and create a regional electricity system.
The deal builds on an agreement inked by the US and Israel last year where the
two governments pledged to work together to reduce energy poverty in Africa.
“Energy
poverty can be eliminated even in smaller or less developed Ecowas states with
the leverage of a regional strategy,” according to Yosef Abramowitz, chief
executive officer of Gigawatt Global.
poverty can be eliminated even in smaller or less developed Ecowas states with
the leverage of a regional strategy,” according to Yosef Abramowitz, chief
executive officer of Gigawatt Global.
Abramowitz
is a leading renewables developer, controlling the Dutch-registered Gigawatt
Global and Energiya Global Capital. He was a co-founder of Arava Power in
Israel.
is a leading renewables developer, controlling the Dutch-registered Gigawatt
Global and Energiya Global Capital. He was a co-founder of Arava Power in
Israel.
Solar deal
The
memorandum of understanding calls for Gigawatt Global to install 800MW of solar
and wind farms in West Africa, beginning with Burkina Faso, Senegal, Mali,
Nigeria and the Gambia, according to Israel’s ambassador to Nigeria, Guy
Feldman.
memorandum of understanding calls for Gigawatt Global to install 800MW of solar
and wind farms in West Africa, beginning with Burkina Faso, Senegal, Mali,
Nigeria and the Gambia, according to Israel’s ambassador to Nigeria, Guy
Feldman.
“This
memorandum of understanding signed today is a powerful metaphor to the West and
the rest of Africa, which pave the way for future Israeli innovation,”
Feldman said.
memorandum of understanding signed today is a powerful metaphor to the West and
the rest of Africa, which pave the way for future Israeli innovation,”
Feldman said.
Power
Africa will be a lead source of funds for the projects and is also anticipating
to bring in other development banks and investors. The funds are expected to
have a split of 80% debt and 20% equity.
Africa will be a lead source of funds for the projects and is also anticipating
to bring in other development banks and investors. The funds are expected to
have a split of 80% debt and 20% equity.
“Power
Africa looks forward to supporting the partnership between the West African
Power Pool and Gigawatt Global,” said Andrew Herskowitz, a co-ordinator of
Power Africa. “We are confident that a range of multilateral institutions
will step up to support this sweeping endeavour.”
Africa looks forward to supporting the partnership between the West African
Power Pool and Gigawatt Global,” said Andrew Herskowitz, a co-ordinator of
Power Africa. “We are confident that a range of multilateral institutions
will step up to support this sweeping endeavour.”
Energiya
Global will be doing the work on the ground. Project development is expected to
kick off in early 2019, including feasibility studies, training courses and the
signing of power purchase agreements.
Global will be doing the work on the ground. Project development is expected to
kick off in early 2019, including feasibility studies, training courses and the
signing of power purchase agreements.
