10 December 2019, Madrid – In the framework of COP 25, the renewAfrica Initiative was presented in Madrid to the Spanish financing institution COFIDES and to the association of European Development Finance Institutions (EDFI). At the end of the presentation, both organisations joined renewAfrica signing the Declaration of Intent in support of the initiative.
Promoted by RES4Africa Foundation, renewAfrica is a European multi-stakeholder initiative that aims to scale-up the deployment of renewable energy in Africa and to advance European Commitment to Africa’s clean energy access. Officially launched on 4th June in Rome, the Initiative has been endorsed by 25 private and public sector actors who have signed a Declaration of Intent to commit their interest and participation to the initiative.
The renewAfrica Initiative aims to stimulate the creation of a comprehensive European programme that, in partnership with African countries, provides adequate support at policy and regulatory level, ensures preparation tools across project lifecycles, as well as financial de-risking and capacity building measures.
COFIDES (Compañía Española de Financiación del Desarrollo) is a Spanish state-owned and privately owned company that aims to promote the economic and social development of developing or emerging countries. With the addition of COFIDES and EDFI, the initiative widens its base of financing institutions, which includes the European Investment Bank (EIB), the Italian Cassa Depositi e Prestiti, the Dutch Development Bank (FMO) among others. Strong collaboration with finance institutions is crucial to turn renewAfrica into reality and embed the programme into the European renewable energy community.
“In just six months the renewAfrica Initiative has gained momentum and has received the endorsement of new organisations. The interest that the renewAfrica Initiative is raising clearly indicates the need and urgency for a new programme to support renewable energy investments in Africa” states Roberto Vigotti, Secretary General of RES4Africa Foundation, “We’re glad that other financing institutions have appreciated the unique value of renewAfrica, deciding to endorse the initiative: we can only go forward if backed by a strong and multi-sectorial partnership, which is both a distinguishing feature and a point of strength”.
“We are very pleased to join this initiative that reinforces both the commitment of COFIDES to climate finance and sustainability and the interest of COFIDES of supporting the sustainable development of Africa. We look forward to be to mobilize not only our own resources but also those that we manage on behalf of the European Union and the Green Climate Fund” concludes Jose Luis Curbelo, Chairman and CEO of COFIDES.
The signatories of the Declaration of Intent are: AFRY, Cassa Depositi e Prestiti, COFIDES, DNV GL, Dutch Development Bank, EDFI, EDP Renewables, Enel Green Power, Enercon, European Investment Bank, GE Renewable Energy, GWEC, Intesa Sanpaolo, Nordex, Nordic Energy Research, Norfund, Prysmian, PwC, SDA Bocconi, Siemens Gamesa, SMA, Solar Power Europe, Soltec, Vestas, Wind Europe.