Portuguese renewable energy company EDP will provide €500,000 in funding to benefit Africa’s renewable energy on a large scale, media reports said. With that, the company will sponsor the deployment of eight renewable energy projects in five African countries.
It is reported that the funding has been issued through the Access to Energy Fund. The eight renewable projects are expected to benefit more than 1 million people on the continent. These renewable energy projects are located in Mozambique, Kenya, Tanzania, Nigeria and Malawi, media reports said.
The company on its website said that “the financing aims to promote access to clean energy in particularly remote and underprivileged areas and to help tackle energy poverty in that region.” The second edition of the fund has received 160 applications. The previous edition of the fund was focused on education, health, agriculture, companies and local communities, EDP said.
EDP’s financing of the renewable energy projects in Africa seeks to increase access in remote and underprivileged areas on the continent. It will help to address energy poverty in Africa. In fact, extending financial support is a significant part of global strategy to uplift the African continent.
The projects will hugely benefit from the funding to install solar panels for creation of innovative irrigation systems.