The European Investment Bank (EIB–the EU bank) yesterday, signed a $25m financing installation of off-grid solar systems with the light to strengthen access to energy in Nigeria and four other African countries.

Vice-President of the bank, Ambroise Fayolle, who announced the project at the ongoing 6th Africa CEO Forum in Abidjan, Cote ‘Ivoire, listed other countries to include Ethiopia, Kenya, Tanzania and Uganda, said the energy would be supplied via solar kits that do not require a grid, which are easy to use and inexpensive for users, to come in a pre-payment system.

He stated that particular emphasis will be placed on rural and suburban populations and micro-entrepreneurs when it eventually materialise.

According to him, the financing will enable d.light design to develop the installation of solar kits – including not only panels and lamps, but also low-energy equipment (radios, TVs, etc.) – in sub-Saharan Africa with the ambitious goal of reaching 10 million solar installations within five years.

“I am delighted that the EIB has signed this new financing with d.light in Africa for an off-grid solar project that will have a major economic and social impact on people and micro-entrepreneurs.

“The EU bank is determined to implement the Paris climate agreement and to cooperate to achieve the sustainable development goals, particularly when it comes to ensuring access to affordable, reliable and sustainable energy for all. With its unique technical and financial expertise in the support of solar projects, the EIB will mobilise new investments to develop renewable energies in Africa,” he said.

Continuing, Fayolle said for the EU bank, climate action and the development of renewable energies are major priorities both inside and outside the EU.

He added that at the founding ceremony of the International Solar Alliance that recently took place in New Delhi, the EIB emphasised its record investment of EUR 1bn into the development of global solar projects in 2017.

‘The Bank also confirmed that it would be significantly expanding its activities in support of solar energy in developing and emerging economies. Since 2002, the EIB has allocated EUR 6.3bn to financing solar projects, with 50 per cent going to emerging and developing economies.”