Africa50, a pan-continental infrastructure investor, is setting up the first region-wide investment vehicle dedicated to off-grid power companies and plans a $500 million fund to invest in climate-friendly projects.
The new funds at the investor, whose shareholders include the African Development Bank and Morocco’s central bank, come amid a drive by regional governments to boost access to electricity and shield against the impact of adverse weather caused by climate change. The World Bank and AfDB last month convened a conference to give momentum to a program to bring power to 300 million Africans by 2030.