Tag Archives: Energy

U.S set to invest up to US$498 Million in Ghana’s Electricity Network

Bloomberg announced on 4 August that the U.S is set to invest as much as $498.2 million, over an initial five year period, to improve Ghana’s electricity network. This is part of an effort to encourage private investment and help the West African nation become a regional energy hub.

The Millennium Challenge Corporation is an independent U.S agency focusing on foreign aid, it will provide $308.2 million to enhance generators and power lines in the region. If certain targets are met in Ghana, a further $190 million will be made available, which the government corporation didn’t specify.

Ghana’s President John Dramani Mahama described how “energy is increasingly becoming a constraint to growth in Africa”. He is currently attending the U.S. Chamber of Commerce in Washington. Fifty African leaders have been invited to the White House by Barack Obama to discuss investing into the Sub-Saharan continent. The U.S.-Africa Leaders Summit hopes to unlock opportunities, stimulate growth and create an enabling environment for the next generation in Africa.

Ghana plans to invest $37.4 million of its own fund in the power initiative, which Millennium Challenge said will help generate more than $4 billion in the nations energy sector. These ideals embody the mission of GCP Solar, to help spread sustainable energies and provide energy security to those at the base of the pyramid. Through establishing investments in the energy sector this will hopefully nudge African governments in other areas such as human rights, such as girls, women and gays establishing good governance. Similarly GCP Solar hopes having access to safe lighting will help businesses prosper and enable personal development.

For the full article please press here

Africa-European Union Energy roundtable says that early stage project finance remains a key challenge

The EUEI PDF Roundtable on Venture Capital for Renewable Energy and Energy Access in Africa has recently published a summary of the event. The EU brought together a small group of professionals from private equity / venture capital as well as development agencies and banks for a semi- informal roundtable discussion. Mr. Sidney Yankson attended the event on behalf of Ghana Capital Partners (“GCP”). The event found broad interest among the respective practitioners in Brussels and EUEI-PDF gladly offered a platform for initial brainstorming and scoping of interests, expectations and needs.

Please click here for the website information and here for the summary pdf.

Africa will need about US$93 billion every year for the next 45 years to develop the needed infrastructure

Many African countries are starting to increase their infrastructure investment with some allocating up to 10% of the GDP to infrastructure projects. This is however, not enough.

Poor transport, communications and energy infrastructure is slowing down Africa’s economic development and has hampered the growth of various sectors like agriculture.

Click here for further details.

EU Energy Initative

Ghana Capital Partners CEO Sidney Yankson attends an EU Energy Initiative Partnership Dialogue Facility event held in Brussels hosted by the Africa-EU Energy Partnership (AEEP) and the Africa-EU Renewable Energy Cooperation Programme (RECP) with a focus on improving and increasing access to modern, affordable and sustainable energy services in Africa.

www.euei-pdf.org

www.africa-eu-renewables.org