IFC and EDF Join Forces to Promote Rural Electrification in Africa and Globally
IFC and EDF, global leader in the power sector, signed an agreement, in July 2014, to cooperate in developing off-grid electrification solutions in emerging markets.
The ultimate goal of the agreement is to serve up to half a million people living in rural areas, primarily in sub-Saharan Africa. The initiative will start with a pilot project under development in Benin. The first phase of the pilot project aims to provide electricity to 25,000 people, using hybrid solar-diesel networks and two biomass-fired power plants. The project may be replicated in other parts of Benin, as well as other countries such as Mozambique, Tanzania and Myanmar.
“Almost 1.3 billion people live without access to electricity in the world. Bringing power to these people is a major challenge that we must address. IFC is proud to partner with EDF, a global leader in energy and a valued partner for IFC in achieving this goal”, said Bertrand Heysch de la Borde, IFC Senior Manager for Infrastructure in Africa.
“Electricity is a vital product without which no true development is possible. Access to energy for rural populations, often the most disadvantaged, allows poverty reduction by developing income-generating activities, while also promoting education, health, access to water, etc. The partnership between EDF and IFC will reinforce and further develop EDF’s engagement in this area, which has been underway for more than 20 years,” added Edouard Dahomé, EDF Director for Africa and Access to Energy.
Through this agreement, IFC and EDF expect to combine their expertise in order to develop cutting edge, affordable, and sustainable solutions for rural electrification. The scope of the cooperation between IFC and EDF includes seeking sources of financing to support potential projects, sharing sector expertise between the two institutions, and, where necessary, exploring sustainable co-investment opportunities, for example thorough the creation of a joint investment vehicle to finance eligible projects in the target countries.
For additional information on IFC’s broader partnership with France and cooperation with French companies and banks to promote private sector development in emerging markets, please click here.