Africa Finance Corporation to Discuss Access to Finance at Africa Energy Week 2022
The African Energy Chamber (AEC) is proud to host a delegation from the pan-African multilateral development finance institution, the Africa Finance Corporation (AFC), during Africa Energy Week (AEW) (www.AECWeek.com) conference and exhibition, the premier African event for the oil and gas sector to be held from 18-21 October this year in Cape Town. Representing one of Africa’s leading financial institutions driving socio-economic growth through improved access to finance across the entire energy value chain, AFC will be a key participant and driver in all discussions on financing Africa’s energy future.
Since the inception of the organization in 2007, AFC has played a critical role in maximizing energy development across Africa by providing project development, technical advisory, corporate finance and advisory services. finance, supporting the continent’s diverse energy sector through partnerships with 34 countries, the private sector and international partners. As a result, projects worth $35 billion have been rolled out in some 35 countries and more than 2 GW of power generation capacity has been added, all thanks to AFC financing.
As Africa urgently needs to improve investments in the energy sector – particularly with regard to oil and gas exploration, production and infrastructure deployment as targets to release more than 600 millions of people from energy poverty while providing access to clean cooking for some 900 million – the role of national and innovative solutions institutions such as AFC provides is essential. In the context of 2022, improved access to finance is even more prominent, especially as global investment in African oil and gas continues to decline primarily due to energy transition trends. As such, AFC continues to be instrumental in the fight to eradicate energy poverty on the continent by 2030, with the group spearheading some of the major oil and gas projects in Africa through the provision of capital.
In July 2022, AFC pledged to invest up to $1 billion in the commodities, rail and power sectors of the continent’s largest oil producer, Angola, after injecting $100 million in the construction of the Cabinda refinery to boost national production. Additionally, in partnership with Swiss energy company Brahms Oil Refineries, AFC is also financing the development of a refinery and an oil and gas storage terminal in Guinea.
Meanwhile, in the renewable energy sector, as Africa seeks to accelerate the diversification of its energy mix for energy security while remaining a climate champion, having added 16 new member countries over the past four years, AFC remains a reliable partner for African projects. . In July 2022, the institution embarked on Africa’s largest renewable energy deal, acquiring a 100% stake in independent power producer, Lekela Power, thereby assuming its huge portfolio of 2, 8 GW, in partnership with the Egyptian energy company Infinity Group. As AFC aims to double Lekela Power’s operating assets over the next four years, the group is making significant progress in electrifying the continent. Additionally, in 2020, AFC also committed $45 million for the construction of Angola’s first solar photovoltaic power plant.
“Electrifying the continent, ensuring energy security and accelerating industrialization will require significant capital as well as collaboration between all energy players in Africa. For years, the continent has relied on foreign investment to drive energy developments, however, in 2022, African financial institutions are playing an increasingly important role. As such, AEW 2022 is committed to improving investments across Africa’s energy sector and value chain, thereby ushering in a new era of development that will enable the continent to eradicate energy poverty. by 2030. With the help of institutions like AFC, Africa will be well equipped to become energy independent and resilient,” says NJ Ayuk, Executive Chairman of AEC, adding that “we are proud to welcome an AFC delegation to AEW 2022 and look forward to a productive and market-driven dialogue. run by the institution itself.
At AEW 2022, AFC representatives will participate in various investor forums and summits, guiding discussions on how to improve access to finance, driving dialogue on just energy transition tailored to the Africa while advocating for oil and gas financing in 2022 and beyond. . Bringing together energy leaders, global financiers, and public and private sector executives for four days of networking, AEW 2022 provides the perfect platform to sign deals, form partnerships, and launch new project developments through the funding and knowledge of AFC.
Distributed by APO Group for African Energy Week (AEW).
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About AEW 2022:
AEW 2022 is the AEC’s annual conference, expo and networking event. AEW 2022 brings together African energy players with international investors and partners to drive industry growth and development and promote Africa as an energy investment destination. Key organizations such as the African Petroleum Producers Organization, as well as African heavyweights including Equatorial Guinea and Nigeria, have partnered with AEW, furthering the role the event will play in the future. energy of Africa.