https://sputnikglobe.com/20221224/world-bank-green-lights-311-million-for-electricity-generation-in-west-africa---1105770261.html
World Bank Green-Lights $311 Million for Electricity Generation in West Africa
World Bank Green-Lights $311 Million for Electricity Generation in West Africa
Sputnik International
The World Bank has approved $311 million in International Development Association financing to facilitate the enhancement of grid-connected renewable energy generation in West Africa
2022-12-24T15:38+0000
2022-12-24T15:38+0000
2022-12-24T15:38+0000
africa
west africa
energy crisis
renewable energy
energy
economic community of west african states (ecowas)
world bank
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The World Bank has approved $311 million in International Development Association financing to facilitate the enhancement of grid-connected renewable energy generation in West Africa. The new initiative has been coined the Regional Emergency Solar Power Intervention Project (RESPITE). According to the World Bank, the beneficiaries of the financing include Chad, Liberia, Sierra Leone and Togo. The project provides a $20 million grant aimed at boosting local power trade and reinforcing the institutional and technical aspects at the West Africa Power Pool. The funds will be directed to the installation and operation of almost 106 megawatts of solar photovoltaic panels with battery energy and storage systems, 41 megawatts of the expansion of hydroelectric capacity, and will facilitate electricity distribution across the region. The project is particularly designed to resolve West Africa's glaring energy issues as the region has one of the lowest electrification rates and experiences extremely high prices for electricity. Moreover, increasing oil prices have added further financial pressure on utility companies. The World Bank highlighted that the countries are on the brink of an acute power supply crisis, which subsequently may affect their economic performance.According to the World Bank Director for Regional Integration for Sub-Saharan Africa, the Middle East and Northern Africa Boutheina Guermazi, apart from improving the reliability of the region's electricity supply, the project is expected to promote regional integration. The World Bank noted that the new project is part of the organization's efforts to address the energy crisis in West Africa and promote renewable energy generation in the region.
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west africa, world bank, renewable energy generation, energy crisis
west africa, world bank, renewable energy generation, energy crisis
World Bank Green-Lights $311 Million for Electricity Generation in West Africa
West Africa is one of the regions in the world most lagging in terms of electricity capacity. Electrification constitutes a major challenge for the nations across the region as they face issues including low power generation, high cost of electricity and energy resources, as well as underdeveloped electrical infrastructure.
The World Bank has
approved $311 million in International Development Association financing to facilitate the enhancement of grid-connected renewable energy generation in West Africa. The new initiative has been coined the Regional Emergency Solar Power Intervention Project (RESPITE).
According to the World Bank, the beneficiaries of the financing include Chad, Liberia, Sierra Leone and Togo. The project provides a $20 million grant aimed at boosting local power trade and reinforcing the institutional and technical aspects at the West Africa Power Pool.
"The main objective of the RESPITE is to rapidly increase grid-connected renewable energy capacity and strengthen regional integration in the participating countries," the World Bank stated.
The funds will be directed to the installation and operation of almost 106 megawatts of solar photovoltaic panels with battery energy and storage systems, 41 megawatts of the expansion of hydroelectric capacity, and will facilitate electricity distribution across the region.
The project is particularly designed to resolve West Africa's glaring energy
issues as the region has one of the lowest electrification rates and experiences extremely high prices for electricity. Moreover, increasing oil prices have added further financial pressure on utility companies. The World Bank highlighted that the countries are on the brink of an acute power supply crisis, which subsequently may affect their economic performance.
According to the World Bank Director for Regional Integration for Sub-Saharan Africa, the Middle East and Northern Africa Boutheina Guermazi, apart from improving the reliability of the region's electricity supply, the project is expected to promote regional integration.
“RESPITE provides benefits that spill over country boundaries and complements existing regional integration efforts in the energy sector involving all member states of the Economic Community of West African States (ECOWAS)," she said, adding: “It provides economies of scale, increases potential for regional trade through investments in transmission and generation infrastructure to integrate the markets physically, and develops regional public good by facilitating knowledge sharing and capacity building.”
The World Bank noted that the new project is part of the organization's efforts to address the energy
crisis in West Africa and promote renewable energy generation in the region.
