Africa50 and Irena sign a $100m partnership for renewable energies

Africa50, an infrastructure investment platform, has committed $100 million to finance renewable energy projects across Africa.This will be achieved through the IRENA's Energy Transition Accelerator Financing (ETAF) platform.A partnership agreement was signed by Africa50 and IRENA at the OPEC Fund for International Development (OFID) Development Forum in Vienna.

• The investment will be used to finance and co-finance renewable energy infrastructure aimed at supporting Africa's energy transition.

• ETAF, launched three years ago with UAE support, focuses on implementing Nationally Determined Contributions (NDCs) in developing countries.

• Africa50 joins 13 other investors and various donors in the ETAF initiative, including major international financial institutions.

• Key supporters of ETAF include OFID, ADFD, IDB, EBRD, EDB, AIIB, IFC, and UAE energy producer Masdar.