The African Development Bank (AfDB) is stepping up to the plate again to help further renewable energy ambitions in the continent, this time by offering concessional funds to help Kenyan manufactures. The financier said its decision to aid East African investors was a result of the developments in the geothermal industry, particularly the Geothermal Development Co.’s Menengai project.
The AfDB’s “Climate Investment Funds 2013” report that it had injected $149 million to finance drilling and exploration risks required in the country’s geothermal development. The report said, "Multilateral development banks have availed $70 million in [the] pilot program for Climate Resilience, $90 million in [the] program for Scaling Up Renewable Energy in Low Income Countries, and $150 million under the Clean Technology Fund program.”
The lender said CIF program has called for competitive submission of innovative project ideas from the private sector adding that it has begun working with stakeholders to bring new viable concepts to the table.
Visit our Facebook pageor follow us on Twitterto receive even more news and updates from Alternative Energy Africa.