COP28 host UAE has allocated more than 58% of the $4.5 billion Africa Green Investment Initiative it announced during the African Climate Summit in Nairobi in September this year.

The UAE-led finance initiative allocated nearly $2.6 billion for green energy projects in eight countries that will add about 1.8 gigawatts (GW) of clean power to the African grid, a COP28 Presidency press statement said.

The Initiative brings together public, private, and development capital from Abu Dhabi Fund for Development (ADFD), Etihad Credit Insurance (ECI), Masdar, AMEA Power with Africa50 as strategic partner to identify projects and connect to local implementing entities.

Key projects highlighted in the official press statement included:

-   Masdar’s 150MW solar power plant in southern Angola

-   AMEA Power’s 300MW onshore wind power project in Ethiopia, the country’s first IPP project; the expansion of its existing Sheikh Mohamed Bin Zayed solar PV project in Togo from 70MW to 100MW with 4MWh of battery storage; and a 1GW green hydrogen project in Mauritania.

-  Three clean energy projects in Mozambique totalling 260MW power including the first utility scale floating solar project in Africa, together with 400km of high voltage transmission lines by Africa50.

(Writing by Anoop Menon; editing by Seban Scaria seban.scaria@lseg.com)