The Board of Green Climate Fund (GCF) has approved $170.9 million dollars in financing for the African Development Bank’s (AfDB) Leveraging Energy Access Finance Framework (LEAF) programme, a statement from the AfDB said on Wednesday.
LEAF aims to unlock commercial and local-currency financing for decentralised renewable energy (DRE) projects in six programme countries: Ghana, Guinea, Ethiopia, Kenya, Nigeria and Tunisia.
The climate financing is part of an overall $900-million-dollar programme budget with the aim of scaling up roll-outs of mini-grids, solar home systems, commercial and industrial solar solutions in the programme countries.
Mr Tony Clamp, acting Director, Private Sector Facility, GCF, expressed delight in partnering with the AfDB to support the timely and critical programme for decentralised renewable energy across the six African countries.
“Green Climate Fund’s commitment will help unlock the much-needed commercial capital and local currency financing to help overcome financing barriers exacerbated by COVID-19.”
Mr Kevin Kariuki, Vice President for Power, Energy, Climate and Green Growth at AfDB, described the approval of LEAF as a significant boost to the bank’s electricity and energy plans.