Ministry of Water and Energy prepares new investment policy to encourage private sector investment engagement in solar energy investment.
Ethiopia last week has hosted the fourth Regional Committee Meeting for the Africa Region of the International Solar Alliance /ISA/ from 29-31 August 2022.
“Ethiopia has potential to produce 100 GW energy from solar yet the country is generating only 4500 MW per annum,” said Sultan Wali, State Ministry of Water and Energy, adding, “The sector wants high investment. It is only the government and its partners so far who are investing in the sector. We are working to create and strength partnership between government and the private sector.”
The meeting proceedings featured detailed discussions on the progress and achievements thus far and future plans.
Ministers from Ethiopia, Central African Republic, Guinea, Ghana, Mali, Guinea-Bissau, Comoros, and Somalia attended the meeting along with Ajay Mathur, Director General of ISA participating in the first ISA’s physical meeting in the region organized in partnership with the Ministry of Water and Energy of Ethiopia.
The meeting discussed the roadmap for mobilizing USD 1 trillion in solar investments by 2030. Blended finance risk management strategy, international grids development and implementation of the ISA’s green hydrogen program were also discussed.
ISA’s head underlined that the African continent is blessed with unlimited potential for renewable energy, including abundant solar energy to the capacity of 10 TW.
“We are working towards mobilizing USD 1trillion of investment for a massive deployment of solar energy technologies and for expanding solar markets. With the right interventions, planned approach and support of the leadership, Africa can move towards providing electricity to all the 600 million people, while supporting economic growth, jobs, and a safe and healthy environment in the region,” the ISA head stated.
The ISA has 107 member countries with 38 engaging as Member Countries and 6 as signatories from the African continent. In Africa, ISA has projects in Ethiopia, Burkina Faso, Burundi, Comoros, Djibouti, Gambia, Malawi, Mali, Mauritius, Mozambique, Niger, Senegal, Seychelles, Sudan, Togo, and Uganda. In Ethiopia, ISA is working on the development of 410MW Solar Park providing 2,250 solar pumps for irrigation and 1,400 solar water pumps for drinking water purposes.