German development bank KfW will provide EUR 49 million (USD 55.56m) in financing to support the development of mini-grids to supply green electricity to people in sparsely populated areas of Sub-Saharan Africa.
The financing will be used to create 187 off-grid, small-scale power networks and to install around 70,000 power connections with the support of KfW's foundation Clean Energy and Energy Inclusion for Africa (CEI Africa), KfW said on Wednesday. The project will give more than 350,000 people in Sub-Saharan Africa access to electricity.
The foundation was created to promote renewable energy in Africa and provide grants to local companies to invest in climate-friendly energy. In cooperation with digital lending platforms, it will work to support the installation of mini-grids and small energy solutions such as solar lighting, home solar systems, solar-powered mills, pumps and cooling systems.
In the next ten years, CEI Africa plans to attract more public donors and expand the scope of the initiative to reach more than 3.5 million people in the region.
The financial support is provided on behalf of Germany's Ministry for Economic Cooperation and Development.
(EUR 1 = USD 1.134)
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