Business News of Thursday, 5 June 2025
Source: www.ghanawebbers.com
Improving electricity access for marginalized groups in Africa is essential. It supports several Sustainable Development Goals (SDGs), including SDGs 1, 2, 3, 4, and 7.
The Mission300 is a joint effort by The World Bank and the African Development Bank. Its goal is to connect 300 million unconnected people in Africa to electricity by 2030.
Solar off-grid solutions are identified as the best method for this mission. They are particularly effective in rural and conflict-affected communities. However, access to financing for these projects is limited.
The World Bank estimates that Africa needs about $200 billion annually for universal electricity access by 2030. Innovative financing models are necessary to achieve this goal.
To tackle this issue, The World Bank, Climate Technology Fund (CTF), and the Dutch government have launched the Regional Off-Grid Electricity Access Project (ROGEAP).
ROGEAP is implemented by the ECOWAS Commission and Banque Ouest Africaine de Développement (BOAD). A consortium including GOPA AFC, GOPA Tech, and ROENG T.E.C manages it.
ROGEAP targets 19 countries: the 12 ECOWAS member states plus Central African Republic, Cameroon, Chad, Mauritania, Mali, Niger, and Burkina Faso.
Since its launch in late 2023, ROGEAP has trained over 500 solar companies. Training topics include business plans, product certification, finance access, and record-keeping.
ROGEAP also provides grants to startups and established solar companies. These grants help expand operations into hard-to-reach off-grid areas.
They support innovative business models like PAYGO. This model allows marginalized people to own solar products without upfront costs.
Grants also help companies manage initial losses when entering challenging markets.
The ROGEAP team regularly calls for proposals from eligible solar companies in its grant countries.
An initial pilot call in six countries resulted in $3.7 million disbursed to 30 solar companies. These companies received additional support in procurement and project management.
This financial and technical assistance aims to empower solar companies in West Africa. It helps extend electricity to unconnected rural communities while contributing to Mission300's goals.
The writer is a Financial Specialist at ROGEAP.
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