Regional: Power Africa backs FMO renewables initiative

The US Power Africa initiative on 20 April signed an agreement with Dutch development bank FMO to spur investment in renewable energy across sub-Saharan Africa. Through the US Agency for International Development, Power Africa will commit $5m in support of FMO’s Climate Investor One (CIO) initiative, which finances and helps fast-track wind, solar and hydropower projects in sub-Saharan Africa. CIO targets renewable energy projects of between 25MW and 75MW, and shares Power Africa’s goal to add 30,000MW of new power generation capacity and 60m new business and household connections across sub-Saharan Africa.