Help comes through £16m UK government fund

THE UK GOV ERNMENT IS LAUNCHING a £16 million fund to support the growth of solar technology companies in Nigeria, Ghana, Somalia, Senegal and Ethiopia.

According to a statement released by the British High Commission, United Kingdom through the Department for International Development (DFID) would provide funding to businesses in these countries through Africa Enterprise Challenge Fund (AECF), as a new round of the fund was being launched.

“A new round of the AECF, £16 million, is being launched, providing grants, loans and business development support to small businesses creating innovative household solar products and appliances, “the statement said.

It added that the UK aid would also help governments reduce the barriers in the growth of solar companies in Africa and “lay the groundwork” for 14 partner other sub-Saharan countries in clean energy.

“Support to DFID’s clean energy technical assistance facility (£15.5 million) will work across 14 countries in sub-Saharan Africa, including Nigeria and Kenya.”

U.K. is hoping to help more than 11 million people across these five countries achieve full access to solar electricity.

It pointed out that the UK aid would increase its support to the Energise Africa impact investment platform and to help 1500 new UK small investors provide the necessary finance needed.

The Energise platform would connect 125,000 more people to affordable solar energy, allowing the programme to reach a total of 325,000 people, the statement explained.

“Energise Africa to date has raised £4.8 million from 1000 investors to help more than 195,000 access affordable solar energy.”

It also added that strengthening the solar market in Africa would open up opportunities for the UK’s own pioneering solar industry to access the untapped potential offered by African markets.