Africa Requires $190bn Annual Investments to Achieve Energy Goals, Says Egbin Power Boss
Adesina, Ikeja Electric honoured at power sector awards
Sahara Power Group has projected that Africa would require about $190 billion worth of investments annually between 2026 and 2030 to meet its energy and climate goals and boost socio-economic prosperity of the continent.
The Head, Capital Projects, Egbin Power Plc, a Sahara Power Group company, Seyi Sobogun, made the projection while delivering a paper titled, "Energy Mix - The Challenges with Funding and Deploying Commercially Viable Renewable Energy Solutions," at the recently concluded West Africa Power Pool Conference in Dakar, Senegal.
Relatedly, Ikeja Electric Plc (IE) has emerged the Best Electricity Distribution Company of the year and Most Gender Diverse Utility Company at the maiden edition of the Nigeria Power Sector Awards organised to recognise outstanding individuals, organisations and laudable achievements in Nigeria’s power sector.
Also, the Board Chairman of IE and Executive Director of Sahara Group, Mr. Kola Adesina, was conferred with the Power Sector Lifetime Achievement Award at the award ceremony held in Abuja recently.
Citing the International Energy Agency's (IEA) Africa Energy Outlook for 2022, Sobogun said, "Achieving Africa’s energy and climate goals means more than doubling energy investment this decade. This would take it over $190 billion each year from 2026 to 2030, with two-thirds going to clean energy."
Noting that Africa’s energy generation would continue to be from natural gas, as renewables was expected to grow from 21 per cent in 2020 to 59 per cent of electricity generation by 2030, he said Africa would require about $2.64 trillion, roughly the size of her Gross Domestic Product (GDP) to rely 100 per cent on renewable energy sources for electricity generation by 2050.
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.
"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 added.
According to him, the solar solution in Lagos was 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 $109 billion in public commitments in the energy sector. Almost $60 billion of that was committed to the renewable energy sector.
Meanwhile, Ikeja Electric Plc (IE) has emerged the Best Electricity Distribution Company of the year and Most Gender Diverse Utility Company at the maiden edition of the Nigeria Power Sector Awards organised to recognise outstanding individuals, organisations and laudable achievements in Nigeria’s power sector.
Also, the Board Chairman of IE and Executive Director of Sahara Group, Mr. Kola Adesina, was conferred with the Power Sector Lifetime Achievement Award at the award ceremony held in Abuja.
Receiving the prestigious award for her company, the Chief Executive Officer of Ikeja Electric, Folake Soetan, attributed the firm's achievements to the collective efforts of the management and staff of the organisation.
“It is our collaborative efforts and teamwork that earned us these worthy awards. As the largest electricity distribution company in Nigeria, we will continue to set the pace in the industry.
“We are committed to bringing energy to life responsibly to ensure a better life for our customers as they depend largely on electricity to carry out their entrepreneurship", she said.
She said since nine years when the company took takeover the distribution facilities, they have witnessed significant transformation and achievements despite the challenges confronting the sector as a whole, expressing the company's strong belief in continuous improvement.
Folake noted that the company consistently champions gender diversity at the workplace, pointing out that as a company, they promote gender diversity and live it.
“Sustainability Development Goal five (SDGs) speaks to gender equality, aimed at empowering all women and girls. And gender equality is not only a fundamental human right but a necessary foundation for a peaceful, prosperous and sustainable world.