Afc invests 63m in djiboutis first ipp and renewable energy project

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AFC Invests $63M in Djibouti's First IPP and Renewable Energy Project

The African Finance Corporation (AFC) has announced a significant investment of $63 million in the development of Djibouti's first Independent Power Producer (IPP) and renewable energy project. This project marks a major milestone in Djibouti's transition to a low-carbon economy and demonstrates AFC's commitment to supporting sustainable energy development in Africa.

Key Highlights:

  1. First IPP in Djibouti: The project will be the country's first IPP, which will provide a reliable and sustainable source of electricity to the national grid.
  2. Renewable Energy: The project will utilize solar power to generate electricity, reducing the country's reliance on fossil fuels and decreasing greenhouse gas emissions.
  3. AFC's Investment: AFC's $63 million investment will be used to finance the construction and operation of the solar power plant, which is expected to have a capacity of 50 MW.
  4. Economic Benefits: The project is expected to create jobs, stimulate local economic growth, and increase access to electricity for households and businesses in Djibouti.
  5. Strategic Partnership: The project demonstrates AFC's commitment to supporting sustainable energy development in Africa and its ability to partner with governments and private sector companies to achieve this goal.

Quote from AFC's CEO: "We are proud to be a part of this landmark project, which will not only provide a reliable source of electricity to Djibouti but also contribute to the country's transition to a low-carbon economy. This project is a testament to AFC's commitment to supporting sustainable energy development in Africa and our ability to partner with governments and private sector companies to achieve this goal."

Overall, this investment is a significant step forward for Djibouti's energy sector and demonstrates AFC's commitment to supporting sustainable energy development in Africa.