Leaders from over 15 African countries will meet with U.S. stakeholders to discuss how to ensure the continued, equitable growth of renewable energy projects in each country.
This year’s Powering Africa Summit (PAS) will explore the theme, “Capital Flows Underpinning the Energy Transition.” U.S. government stakeholders, institutional investors, private financiers, and service and technology providers will host ministers from over 15 African countries in Washington, D.C., to discuss energy investment opportunities and assess current policy surrounding equitable access to renewable energy in each country.
Conversations will explore how to lower Africa’s cost of debt to support the region’s ability to ensure a climate-resilient future. Participants will discuss alternative solutions to sovereign guarantees so investors maintain insurance against defaulted payments due to country-specific risks.
Stakeholders will also assess how donors and development banks can best support Nigeria in implementing the Nigeria Electricity Act (2023). It was signed into law in June of 2023 to demonopolize electricity generation and promote power produced by renewables.
Policymakers will discuss how to ensure the continued, equitable growth of renewable energy projects in each country. One such example is assessing the progress of Power Africa. The organization works with 49 countries across East, West, Central, and Southern Africa to provide equitable access to electricity through renewable energy. Power Africa is funded by the private sector, international development organizations and global governments.
Power Africa has allocated over $575 million to strategic investments in Africa’s energy sector since its launch in 2013. Examples include the organization’s route-to-market tool that provides visibility on population density, electrification, telecoms, and road infrastructure in Malawi, Mozambique, and Zambia so residential companies can find geographic markets. Following the COVID-19 pandemic, Power Africa launched Power Africa Powering Health in collaboration with African governments, its partners and the private sector to develop off-grid solutions that electrify health facilities across the continent.
Power Africa has also invested over $25 billion toward generating more than 140 GW of renewable energy plants across the region. They include installing 318 GW of South Africa’s 581 GW renewable energy portfolio, with solar projects comprising 232 GW. In Nigeria, Power Africa has helped install 3 GW of the country’s renewable energy portfolio, currently at 16 GW, with solar making up 7 MW.
Speakers include Abebe Selassie, the director of the African Department at the International Monetary Fund and private sector companies like SunAfrica. In June 2023, the Florida-based solar project developer was awarded the Deal of the Year, alongside the Ministry of Finance of the Republic of Angola, at the Export-Import Bank of the United States’ 2023 Annual conference. SunAfrica was recognized for its ability to support American jobs through exports. The organization was approved for a $907 million transaction to support the construction of two solar energy power plants in Angola. Both are expected to generate a combined total of over 500 MW of solar power nationwide.
The Powering Africa Summit will also hear from the Youth Energy Summit (YES!), comprised of African students, young entrepreneurs and professionals. The organization scales education and professional opportunities in the African clean energy sector. During the summit, YES! will collaborate with stakeholders to draft a roadmap for electrifying the continent through learning and development initiatives and private and public corporation recruitment opportunities.
Interested participants can register to join this year’s summit using this link.
