BOAD Launches Program to Boost Renewable Energy Adoption
- BOAD inaugurates the PPIPS program to increase electricity access via solar energy.
- The program will be carried out in six African countries.
The West African Development Bank (BOAD) has announced the launch of the Promotion of Private Investment in the Solar Energy Sector (PPIPS) program to accelerate the adoption of solar energy. The program is co-financed by the Green Climate Fund (GCF).
The PPIPS will cover six least developed countries in terms of access to electricity in the WAEMU zone. These are Burkina Faso, Benin, Guinea-Bissau, Mali, Niger and Togo. In a statement by the bank, “Alone, the public authorities are incapable of remedying all the problems resulting from this situation because they do not have sufficient and appropriate financial resources. It is therefore urgent to attract private investors to strengthen and diversify the production of clean electricity in the sub-region.”
With the PPIPS, BOAD is aiming for an installed solar capacity of 1,192 MW in the six beneficiary countries of the program by 2030. According to the development bank, the mechanism should make it possible to quadruple their solar energy production capacity.