Africa would need about $2.64tn, to rely 100 per cent on renewable energy sources for electricity generation by 2050,Seyi Sobogun, Head, Capital Projects, Egbin Power Plc,has said
He disclosed this in a paper titled “Energy Mix – The Challenges with Funding and Deploying Commercially Viable Renewable Energy Solutions,” delivered at the recently concluded West Africa Power Pool Conference in Dakar, Senegal.
According to him,Africa’s energy generation would continue to be from natural gas, as renewables were expected to grow from 21 per cent in 2020 to 59 per cent of electricity generation by 2030.
He said the funds would be required to drive the installation of the renewable energy sources, as well as the infrastructure needed for the generation, network and storage system, and other enabling costs.
According to Sobogun, solar, wind and hydro power generation are the most viable renewable energy solutions in Africa. He pointed out that Nigeria’s photovoltaic power potential made solar energy very feasible for both investors and consumers.
“Sahara Power is currently harnessing this potential through the implementation of large-scale and mini-grid solar projects,” he stated, adding, “Sahara has begun the implementation of solar energy in Nigeria through large-scale renewables, such as the construction of a 5MW solar farm in North East Nigeria and the deployment of mini-grid solutions to locations that commenced with three pilot projects within Sahara Power’s Ikeja Electric franchise in Lagos.”
He said the solar solution in Lagos is expected to benefit over 20,000 households, with far reaching positive impact on economic activities.
Public and private investors have been the sources of funds to Africa’s renewable energy investments, including international donors, banks and development finance institutions.
Between 2000 and 2019, Africa received a total of $109bn in public commitments in the energy sector. Almost $60bn of that was committed to the renewable energy sector.
