Africa’s flagship clean energy fund says it plans to more than double its financing to $2.5 billion over the next two years, as momentum builds behind the continent’s energy transition. The African Development Bank bank approved slightly fewer renewable energy projects last year but succeeded in increasing its funding. The lender's Sustainable Energy Fund for Africa has mobilized about $1 billion in commercial capital alongside its own commitments. Based on projects in the pipeline, that figure is expected to reach $2.5 billion within the next two years. The public-private finance facility supports utility-scale and decentralized projects, facilitating deals and supporting pan-African renewable energy investment platforms.
