European Commission to Invest in African Renewables

The European Commission has announced that it has chosen the first investment destinations for its Global Energy Efficiency and Renewable Energy Fund (GEEREF), with the first round set to invest €22 million into small-scale renewable energy projects in developing countries in Africa and Asia.

The €22 million from the GEEREF will be invested in two regional funds, one focused on projects in sub-Saharan Africa, the other in Asia with a focus on India. The Commission said regional projects including wind power, small hydro, biomass, and methane recovery will get financing.

“1.6 billion people worldwide still have no regular access to reliable energy services. GEEREF investments will accelerate the transfer, development, and deployment of environmentally sound technologies, and thereby help to bring secure and clean energy supplies to people in poorer regions of the world,” commented Louis Michel, European Commissioner for development and humanitarian aid.