IFC and Canadian government to support renewables and energy storage in Africa

LinkedIn
Twitter
Reddit
Facebook
Email
This program is expected to improve access to affordable and sustainable energy services, cut down on the dependency on fossil fuels, and bring African countries closer to accomplishing their sustainable development goals. Image: Getty

IFC, a member of the World Bank Group, and the government of Canada have formed a financial partnership that will utilise public funding to generate private sector investments to spur renewable energy, including energy storage, in Sub-Saharan Africa.

The program, known as Canada-IFC Renewable Energy Program for Africa, will feature the Canadian government contributing US$122 million that the IFC will use to catalyze private sector investment in renewables by offering concessional financing mixed with IFC’s own account resources to mitigate a variety of risks that can deter private investment in renewable energy.

This program is expected to improve access to affordable and sustainable energy services, cut down dependency on fossil fuels, and bring African countries closer to accomplishing their sustainable development goals.

The Canadian government’s contribution goes along with its commitment under the 2015 Paris Agreement — along with being aligned with the principles of the Africa Renewable Energy Initiative, which seeks to ramp up renewable-energy generation in Africa.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

Not ready to commit yet?
  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Marie-Claude Bibeau, Canada’s Minister of International Development, said: “Tackling climate change is a main priority for this generation and harnessing the abundance of natural resources in Africa to provide clean and sustainable energy is a step in that direction. Canada is proud to be a part of this initiative that builds on our successful blended finance partnership with the IFC-Canada Climate Change Program.”

IFC CEO Philippe Le Houérou added: “Creating opportunities for investment in renewable energy is essential for the people of Africa – and good for the world. The expansion of renewable energy in Africa has already generated tens of thousands of local jobs, and there is significant potential for additional economic and development gains in new areas like energy storage and off-grid solar.”

Read Next

October 2, 2025
Solar PV and energy storage firm Canadian Solar has entered into battery storage agreements (BSAs) and long-term services agreements (LTSAs) with Aypa Power for the Elora and Hedley battery energy storage system (BESS) projects in Ontario, Canada.
September 23, 2025
Capital Power has announced commercial operations of its 120MW York battery energy storage system (BESS) and 50MW Goreway BESS projects in Ontario, Canada.
September 18, 2025
In a recent report from trade association Energy Storage Canada (ESC), energy storage was cited as “a critical component of future electricity grids” for the country.
August 21, 2025
Two North American companies, Powin and Li-Cycle, were recently acquired by FlexGen and Glencore, respectively, after announcing bankruptcy.
July 14, 2025
Two companies, First Phosphate and LG Energy Solution have recently begun manufacturing lithium iron phosphate (LFP) battery cells in North America.

Most Popular

Email Newsletter