Infrastructure investor and asset management group Africa50 has pledged US$100 million to fund renewable energy transition and infrastructure projects in Africa through the Energy Transition Accelerator Financing (ETAF) platform of the International Renewable Energy Agency (IRENA).

The ETAF platform, established in 2021 with backing from the United Arab Emirates and managed by IRENA, is a multi-stakeholder climate finance platform aimed at mobilising capital to fund viable renewable energy projects. It seeks to accelerate such projects in support of nationally determined contributions in developing countries while enhancing community energy access and security and fostering economic growth and diversification.

In September, IRENA will co-host the Accelerated Partnership for Renewables in Africa Investment Forum with the Kenyan government to connect project developers with potential financers.

“Investing in and developing transformational renewable infrastructure is a critical step to achieving net zero. The IRENA ETAF platform will be an important launch pad to scaling and accelerating our investments into renewable projects that will ultimately reduce the negative impact of climate change on our people and help build a more sustainable future,” said Alain Ebobissé, Chief Executive Officer of Africa50.